In 2013, there were multiple offers on just about every property that came on the market. In 2014, there are still many houses that come up for sale that get multiple offers.
As a seller in this environment, what are the options when your property receives more than one offer? Here are a few:
- Pick the offer that has the best package (price, terms, financing, etc.) and either accept that offer or give a counter offer.
- Counter offer the top several offers using a “multiple counter” (you can ultimately pick the offer to accept, even if more than one buyer signs your multiple counter offer).
- Work the phone in the background to strike a better deal. For example, I would call the top contenders and see if a buyer would be willing to raise their offer price, or agree to better terms, in return for taking their offer.
As a buyer when there are multiple offers on a property on which you are bidding on, things are a bit more challenging. What gives you the best chance to get your offer accepted? You need a creative, out-of-the-box Realtor (me!) representing you.
Here’s an example: I represent a buyer who was interested in a San Ramon home. The home had ten offers on it. I found out that the listing agent worked out of Lafayette. I volunteered my conference room to the agent, as it was closer for the seller. Once they were in my conference room, I was able to present my client’s offer in person.
After a while, I checked in with the seller to see how my client’s offer stacked up. I asked what it would take to have my client’s offer accepted. After the seller told me what it would take, I called my buyers, they adjusted their offer & they now have a contract on a house that they love. By being creative, I found a way to give my clients an edge.
For a multiple offer market like this, it is all the more important to have a Realtor who can help you achieve better results by being creative & taking advantage of opportunities which others miss.
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