In a market with multiple offer situations becoming increasingly more common, it’s important to make sure you’re prepared when selling or buying a house if the situation arises. Here are some helpful tips from our experience in representing both buyers and sellers.
When the market is active and you’re getting lots of interest as soon as you list your home, we find one of two things can happen. 1. Sellers can get greedy and turn away good offers in hopes that they receive multiple more offers. or 2. Sellers immediately jump at the first offer that is presented and possibly miss out on the chance to receive multiple offers. It’s easy to get caught in the moment and make the wrong decision, so here is our advice and our process in assuring you get the best possible outcome.
1. Know all the options that are on the table before making a decision. We make sure that all parties that’ve shown interest in the property are notified of all offers when they are submitted. This allows all buyers the opportunity to submit an offer and as a result opens the door to multiple offers. If after all interested parties are notified, they is still only one offer then you can go forward knowing that you’re not acting too hasty.
2. Never discount any offers because they are too low on price or certain conditions. We always encourage our clients to counter offer all offers because we are usually able to negotiate and put a deal together in the end, even when the initial offer is way off from what you’re wanting.
3. Dont get greedy! We have seen too many sellers lose great offers because they get too greedy and in the end they take less money just to get their property sold.
You’ve been looking and looking and finally found the perfect home and you want it so bad….but so do 3 other buyers and now you’re in a multiple offer situation. What do you do?!!! Our best advice is to be educated every step of the way and write an offer after you have carefully thought it out. Knowing what has sold in the area, what else is available and what resale will be like for you when you choose to sell are all important things to think about. Once you’ve made up your mind and if this is THE home, whats next? We always encourage our clients to put their best foot forward and make an offer that if they get it, they are happy with what they offered and if they don’t get it, they aren’t kicking themselves because they didn’t offer more. The worst feeling is knowing that you would have paid $5000 more but they went with the other buyer's offer because they offered $3000 more then you.
Whether we are helping you buy or sell your home, we make sure that you’re moving forward confidently knowing you’ve weighed out the options and are making an educated choice. If you have any questions about the process or are wanting more info about anything, let us know. We are always here to help!