"My Buyer Isn't Interested in Multiple Offer Situations"

By
Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470

"My Buyer Isn't Interested in Multiple Offer Situations"

Spring/summer 2018 in the Bristow, VA real estate market, particularly for attached homes priced in the mid-300K's, is slammin'.  Sellers are getting offers fast.  Just this past week, I listed an attached single family home priced at $349,000.  The first showing happened within hours of it hitting the market.  Within two hours of that showing, that agent had submitted an offer.  That's not unusual.

On this particular listing, my sellers were interested in seeing the max the market would allow for their home.  That meant they wanted multiple offers.  So we set a time for them to review offers a few days later.  Let me tell you, there are some ill-prepared buyers out there.

The first buyer didn't make her highest and best offer until another offer was in hand.  By then, it was too late.  The sellers collected offers and were under contract in four days with the offer that netted them the most money.

There were several buyers that had homes to sell that loved this listing, but weren't prepared to move forward as their homes were not yet listed.  What a waste of their time, seeing a home that would not be available when they were ready to write an offer.

Another buyer wanted to make an offer, but didn't like feeling rushed to do so within two days of seeing the home.  That buyer is going to have a hard time.  The time and space they feel they need is not something that the Bristow seller's market is going to accommodate.  

Finally, my favorite head scratcher, was a buyer that removed themselves from contention.  The agent representing the buyer conveyed, "My buyer isn't interested in multiple offer situations."  That's code for, "My buyer wants a wide open lane to lowball your seller."

Here's some straight talk on the Bristow real estate market.  If you are looking to buy something priced around $350,000 and it's in good shape, odds are another buyer wants it too.  The market isn't going to give you special treatment.  Sellers are looking for the highest and best offers, and most of them will get multiple offers.  Want to avoid multiple offers?  Make the seller an offer they won't want to lose.  If you think first in means an opportunity to lock in a house at list price and full closing cost help, think again.  This is not the market where you are going to get everything you want.  Ante up.  If you don't need closing cost help, don't ask for it.  Anything you want that is coming out of the seller's pocket is going to make your offer less attractive to the seller.  Keep the concessions to a bare minimum.  

Of course, if you are looking for a "deal," maybe come 2020 our market will have changed.  But if that happens, that means mortgage rates will have gone up.  So you may be able to lowball a seller then, but your mortgage will end up costing you more than if you had just sucked it up and made good offers in a seller's market.

A lot of buyers in the Bristow marketplace now are ill equipped to actually succeed.  Either they are walking around with blinders on and their fingers in their ears ignoring their agent's advice on navigating the market, or they aren't getting good solid advice.  If you want the best representation to navigate this seller's market, give me a call at 703-402-0037.  I have been at this since 2005 and can help you succeed in this highly competitive market.

 

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Topic:
Home Buying
Location:
Virginia Prince William County Bristow
Tags:
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Rainmaker
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good evening Chris Ann. I think this iswonderful and could be a handout. Nicely done.

Jun 18, 2018 04:01 PM #1
Rainmaker
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Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good evening Chris Ann Cleland,

Oh..I've seen these buyers and wondered why agents are working with them. I listed a lovely home and they were one of the first to see it. I heard from the agent..do you have any offers..my answer "not yet "but I'm sure I will soon..her response "Oh they don't want to be in a multiple offer scenario!" Really!! I had 2 offers and they are still looking (this happened last month and we are closing July 6th.)

Jun 18, 2018 04:32 PM #2
Rainmaker
580,288
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

No buyer really wants to be in a multiple offer situation, but the reality is that these days you will be.

Jun 18, 2018 05:13 PM #3
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

If the buyer is not interested in multiple offers then they are not very interested in buying a home

Jun 18, 2018 06:42 PM #4
Rainmaker
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Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

I hear that a lot, too. I say, hey, somebody will be the buyer for this home, tell me why it cannot be YOU? It should be YOU, let's make you the buyer. You're just as good as any other buyer, right? You can do this.

Jun 18, 2018 06:59 PM #5
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Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
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I can tell you, if you ask any buyer, they would say they "aren't interested in multiple offer situations". But they still buy houses.

 

Jun 18, 2018 11:06 PM #6
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Chris Ann- this reminds me of 2004 when we were looking in a seller's market in Leesburg. My husband called me from there (I was in Florida) and said get online and look at this listing. If you like it we'll have to put a bid in now!  There were 8 bidders and the one who won it had an escalation clause. 

Jun 19, 2018 07:38 AM #7
Rainmaker
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Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Sometimes it takes losing a house or two for the message to really sink in, no matter what we say or how many comps we show them. 

It's all a matter of trust, I think, or an indication that a buyer doesn't love a house enough to make it work.  When they find "the one" they'll do what they need to do.   

Jun 21, 2018 07:07 AM #8
Rainmaker
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Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Chris Ann Cleland, I hear that from some buyers who may not be familiar with the market conditions. As their agents, we need to educate them or they'll learn the hard way. 

Jun 21, 2018 11:16 AM #9
Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Chris - in this market some buyers have to learn the hard way.

Jun 21, 2018 12:23 PM #10
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Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Live & learn - everyone has to, on their own terms, especially when they don't want to listen to your advice. A great Agent like yourself will educate them right, right from the start. 

What a wonderful blog post, relevant to the market many are sharing in other parts of the country too. 

Jun 21, 2018 09:15 PM #11
Rainmaker
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Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Chris Ann... I start out each new buyer relationship these days with an explanation of the market and warning that odds are very high that (1) they won't have a lot of time to think about a house and (2) they will more than likely end up in a bidding war and (3) that it's a seller's market and buyers are not calling the shorts. Unfortunately it takes time for some buyers to get with the program!

Jun 23, 2018 07:25 AM #12
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Robert Vegas Bob Swetz
Realty ONE Group - Las Vegas, NV
Las Vegas Henderson Homes for Sale

Hello Chris Ann and this is a wonderful post and thanks for the read!

Jun 23, 2018 09:33 PM #13
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Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hello Chris Ann - we can certainly interpret code words in real estate.  They become the start of a good, frank discussion.

Jun 24, 2018 08:27 AM #14
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

 

Chris Ann Cleland we could write a few books on "Things the Other Agent Says!" Want to co-author? Or we could just do a blog.

 Just won an offer on home first day on market for a buyer. We asked what they wanted and gave it. Also had a listing with multiple offers that went under contract ...and I have a few one liners from that bidding situation.

Jun 26, 2018 05:14 PM #15
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Another wonderful post, Chris Ann! I agree with you on the head-scratcher as well. I have taught courses locally in representing buyers in this market and you simply HAVE to prepare them for it- basically, ascertaining that they have the stomach for this market! If they don't quite have it yet, I work with them until they do. 

It's just like being prepared with listings - everything we do goes so much more smoothly with preparation!

Happy Thursday, Chris Ann!

Jun 28, 2018 12:09 PM #16
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Sometimes they just have to be framed in a different way, kinda like you said.

Jul 03, 2018 03:34 PM #17
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Debe Maxwell, CRS I know this can be a strange crazy world but this is lovely when it works out...

Jul 03, 2018 03:35 PM #18
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Chris Ann Cleland

Associate Broker, Bristow, VA
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