Being Competitive

Real Estate Broker/Owner with FITZGERALD Real Estate 9500521

In this ultra-competitive Real Estate market, buyers are often competing with multiple offers, and some have lost out numerous times. If you want to purchase a home, a few things could help you.

First, be sure you have representation. Having a buyers' agent representing you is highly recommended. It will give you the best opportunity to get the advice and guidance you need to make a solid offer. Next, make sure you are set up on the Auto email program in MLS. The market is moving very fast. With this program, you will receive an email within a minute of the home becoming available.

When making an offer, price, and contingencies both matter. If your offer is contingent on financing, it will require an appraisal. So, be careful not to offer too high a price, because if the appraisal is less than the agreed upon price, you will either have to make up the difference, the seller reduces their price, or something in between. Meanwhile, you've paid for a home inspection and appraisal, and the seller is in the process of moving. If you don't work this out, the deal is over, and you lose the house you were planning on buying. So be realistic. 

Sellers don't always pick the highest offer. They often choose the one that is most likely to close with the least potential hurdles and fallout. This is where contingencies like financing and inspections are factored in. So, be sure that you have a solid pre-qual letter from a recognized and trusted lender. Some buyers are removing their right to a home inspection. There is a risk with this, so be sure you understand what this means.

An escalation clause could help you get the house you want. We will cover that next week.

    Lastly, don't panic. Have faith and hang in there. The right house will    come up for you. 

Posted by

FITZGERALD Real Estate  

Corinne A Fitzgerald
116 Federal Street
Greenfield, MA 01301
413-320-9509  cell/text
413-376-4433 direct office line
 2015 President - Massachusetts Association REALTORS®
         2012 President – REALTOR® Association of the Pioneer Valley

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Comments (3)

Jim Paulson
Progressive Realty (Boise Idaho) - Boise, ID

I was saddened when I lost out on a sale last week.  The listing agent told me they were in counter offer #2 with another buyer.  That lead me to believe the buyer asked for too much to start with, so we came in with a clean non-contingent full price offer.  I would have done an escalation clause, but figured if the other offer wasn't full price we wouldn't need it.  

We are in back up position now hoping the condition of the wood shake roof will be noticed by their home inspector or the appraiser and give us a second chance.

Apr 13, 2022 07:36 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Very true.  And for those that haven't noticed, it's always best to respond quickly to your agent!  Great post!

Apr 13, 2022 03:18 PM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

You are so right, the line "the right house will come for you" Buyers can get easily discouraged in this market.  It usually always works out for the best!

Apr 14, 2022 03:00 PM