6 tips to submit an offer in a multiple bid situation - Phoenix AZ
My colleague Anna Kruchten has hit the nail on the head with this post, happy to share. While she is in the Arizona market, our market is much the same. Multiple offers, over full price offers and then having to get a comparable appraisal if financing.
Do yourself a favor and consult a reputable, knowledable Realtor, you will be glad you did.
6 tips to submit an offer in a multiple bid situation -Phoenix AZ
The Phoenix Metro real estate market has been experiencing multiple bids for quite some time. Home buyers need to understand how to submit and offer and win the bid. Most of our listings have multiple bids within days of being on the market in the mid to lower price point. By being open to the following tips you will be better prepared to make a good offer and win the bid in our fast paced Phoenix real estate market.
- Ask your agent to converse with the listing agent before you write an offer. Why is this important? Because it's good to know if there are other offers on the table already and to find out if there are specific terms or conditions that may make your offer a stronger offer. The listing agent can't 'spill the beans' on other offers as that is not in the best interest of their clients but they may be able to give some advice as to what is needed to win the bid. It's also important for your agent and you to be cordial and professional. You'd be surprised how some people can get kind of pushy and down right rude - and that is never a good place to start or end up in - ever.
- Submit a complete offer with ALL of the required documents. I know that sounds like a no-brainer but trust me on this one because it's important. I've received a lot of incomplete offers this past few years. When we attempt to contact the buyers agent they aren't available or don't respond in a timely manner. The seller can't make an informed choice if all of the documents are not submitted upfront and the seller may decide to reject any incomplete offers if they have several to chose from. I'm sure you don't want to be in that situation, do you?
- Is this a cash offer? If you're paying cash it is critical to have a FULL proof of funds submitted with your offer. Just today we received another offer that did submit a bank statement with other items pasted on top. Deciphering what that all meant was ridiculous at best! Submit your proof of funds that is 100% clear and readable. Sellers want to know that you really do have the funds to close on the property. Again - I know that sounds like a no-brainer!
- Do you need to finance this purchase? If you do need to finance, and most folks do, BE SURE to have a full qualification from a top notch lender that has worked with your agent on other successful closings and can get this closed for you. Getting a loan these days isn't so easy and you MUST be willing to go through all the hoops along the way. And trust me - there will be a lot of hoops no matter how well qualified you are! Getting this all done before you start looking at homes is the best idea. Ask your agent for referrals to top notch lenders.
- Look at the home right away. Buyers that are serious about purchasing a home in the hot Phoenix real estate market know they MUST look at the home immediately - at least within a day or two of being on the market. You really do not have the luxury of waiting until the weekend or whatever time because most likely it will be already under contract. I received a phone call this morning from an agent wanting to show a home in 2 days and we already have several offers on it. The seller doesn't want to wait 2 days to look at the offers. I suggested she get her clients over there yet today to have a chance at submitting an offer. She understood and is meeting them at the home this afternoon.
- Be calm and stay positively focused. This is very important! You may not win the first bid or two (especially if you haven't followed the above advice). Remember that it's not your agents 'fault' - it's just the way the real estate market is right now in the Phoenix Metro area. With a positive, expecting attitude you will find the home of your dreams - so have faith and good luck. If you have any questions about how to buy a home in our hot Phoenix market give me a call. I've been selling homes for many years and I know how to make things happen.
6 tips to submit an offer in a multiple bid situation -Phoenix AZ
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Anna 'Banana' Kruchten
Owner/Broker, CRB, CRS, GR
Certified Real Estate InstructorPhoenix Property Shoppe
602-380-4886Search for Phoenix Area Homes Here
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