Multiple offers what to do?

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Real Estate Agent with RE/MAX100 632130

Making an Offer in a Competitive Market

 

 

Imagine finding a home you love, making an offer, and then finding out there are other competing offers on the table. Ouch. If you’re looking for a property in a competitive market, it is likely that there will be multiple offers.

Even just one can create the risk that you’ll lose the home. So how do you make sure your offer is enticing enough to win over the seller?

 

 

Here are some ideas:

• Don’t make a low-ball offer. If you do, it might be dismissed and you probably won’t get another chance to bid — especially if the other competing offers are near the listing price.

• Have a pre-arranged mortgage and include that with your offer. This reassures the seller there won’t be any money issues. (Most lenders will provide you with a pre-arranged mortgage certificate for this purpose.)

• Go in with a price high enough that the seller will be interested, but not so high as to be leaving money on the table. This is tricky and requires a savvy knowledge of the current market.

  • Write a personal letter to the sellers telling them what you love about their home.

 

• Have a REALTOR® present the offer on your behalf. A REALTOR® will know how to do so professionally, and in a manner that gives you the best chance of getting the home.

In a competitive situation, working with a REALTOR® who is an expert on the local market — and a skilled negotiator — is crucial. Looking for a REALTOR® like that? Call today 

 

Gabriela Agostinelli 305-797-1171 gwagostinelli@gmail.com

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Topic:
Home Buying
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Maryland St Mary's County
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multiple offers

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Rainmaker
81,628
Eugene Kanciar
EKAN Home Inspection - West Vancouver, BC
Our Experience, Your Peace-of-Mind

In a multiple bidders environment, as we have had in North and West Vancouver, some of my clients have done the following.

Make an agreement with your preferred home inspector, well in advance of any offer, to:

(1) be available on short notice;

(2) be prepared to accompany you to an open house and provide a preliminary assessment (but understand that this will not be in compliance with any inspection standard of practice);

(3) do a complete compliant inspection as soon as time permits (but the results may only be for your benefit if the sales agreement has no "subject to inspection" clause).

A multiple bid environment is a high risk game. Buyer beware.

 

Feb 15, 2017 06:54 AM #1
Rainmaker
2,688,837
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

All great tips...I am in a situation like this on one of my listings right now!

Feb 15, 2017 07:19 AM #2
Rainmaker
3,549,251
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

In today's market there is seldom a reason for a low ball offer.

Feb 15, 2017 07:26 AM #3
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Rainer
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Gabriela Agostinelli

your full time agent!
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