Lake in the Hills, IL, a market I serve and know VERY well, is off to a FAST start with enormous Buyer activity due to low inventory. Today, last day of April, 2020, I had 3 Buyers lined up back to back to see a home that already had multiple offers with Highest & Best called for by 5:00 on Saturday. This home was getting SO MUCH ACTIVITY that the Seller intentionally STOPPED all future showings (which I believe is a mistake, correction, BIG MISTAKE as it could limit the end result of a higher offer)!
Last year around the same time, Lake in the Hills, IL had similar activity. The photo attached to this post is from my client who had lost out on 7 Homes but finally was the Highest & Best on the 8th home we bid on. They were relieved and extremely happy that they finally got into their first home. What an experience! It wasn't easy but their persistence paid off.
One of the things I do for my Buyers that totally sets me apart from my competition, is to submit an Escalation Addendum when involved with multiple offers. If you are a Real Estate Broker and not currently doing this, you need to start NOW to add additional value to your Buyers and serve them right!
I am surprised by how many agents do not do this for their Buyer's. I have seen first hand, many times, how this has caused Buyer's to pay more for properties than they ought to have done. My listings that have had multiple offers from Buyer's have NEVER had an Escalation Addendum from their real estate broker attached which resulted in my Sellers selling for many thousands more. GREAT for my Sellers but sad that the Buyer's have had representation that didn't put their best efforts forward to get the home for the best possible price in a multiple offer situation.
About the Author:
Randy Schulenburg is the Designated Managing Broker of Schulenburg Realty, Inc. and has been selling real estate since 1993. Contact Randy when you or someone you know is ready to buy or sell real estate anywhere within the NW Suburbs of Chicago. His expertise will net Seller's the highest amount possible and will assist Buyer's in obtaining the best possible price when negotiating on their real estate purchase. He may be reached at (224) 805-2616 by phone or text or at Randy@Schulenburg.com.