What kind of person blogs about a Library? Well I do! When I am not out and about Selling homes- I am spending time at the Library or at home in my personal Library reading. I love books! One thing
The Nightmare that is Multiple Offers
There are few things worse for a Buyer than to find out that their offer for their Dream Home is in direct competition with other offers. I see it happen all the time.
So how do you avoid getting into a multiple offer situation? Sometimes it is inevitable but there are ways you can decrease the odds. Here are some tips to help avoid it and what to do when it does happen.
1. Watch for new homes that meet your criteria every day and see them in person as soon as possible.
2. IF it is the perfect home- then write up the offer right away. Do not wait to speak to your neighbor about it, or your brother’s friends cousin, or your Facebook friends. The longer it is on the market the more likely other Buyers are going to love it too.
3. If you love a home then wait until you are outside of the home to rave about it. You do not want a Seller to over hear you gushing about the home or be caught on a Nanny Cam fantasizing about what paint colors you are going to use.
4. Do not give several days for the Sellers to respond to your offer. Most Sellers should not need more than 24 hours unless you are dealing with a bank or Sellers that are out of state/country. Even then- the internet is a magical thing.
5. Make a reasonable offer to begin with. If you throw a very low-ball offer out there it can kill your negotiating power and create delays. The more delays during negotiating the more likely that someone with a better offer will swoop in and walk away with your Dream Home.
6. If the Sellers choose to call for "Highest and Best" then think very carefully about that before you respond. You do not want to put in an offer that is beyond your means just to get the house. Owning a home is wonderful but not at the expense of everything else.
7. When it comes to "Highest and Best"- the highest priced offer doesn't always win. So make your offer as attractive as you can by including a pre-approval letter from your lender and a letter to the Sellers that tells them about you. It isn't always just about the numbers. Many Sellers want to make sure their home is going to someone that is going to love and take care of it.
8. Be on time! Respond in a timely manner to any and all counters.
9. Don't get discouraged. If your offer isn't the chosen one then ask your agent to keep an eye on the property just in case the other offer falls through.
Here is a little comic I drew late one night after running into several multiple offer situations in one week. It's a good thing my Real Estate Skills are better than my stick figure drawing skills. I'm pretty sure my Buyers offers were the lucky chosen ones.
My name is Jessica Cone and I specialize in assisting home Buyers and Sellers throughout the Salt Lake Valley with an emphasis on Downtown Salt Lake City, The Avenues, Holladay, Sandy, Cottonwood He....