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Multiple Offers - Seller's Perspective

When you list your home, I know that all sellers dream of having multiple offers, how much better can selling your home get, it sells quickly and you get to choose the best offer of the bunch!  If multiple offers are what you are looking for, here are some tips on how to create multiple offers and some things to watch out for if they come up.
Price your Home Right:  Price is what drives buyers into your home, if they don’t perceive it to be priced right they won’t be willing to look at it quickly.  If a buyer or that buyer’s agent believes that the home is priced below market value, they will be willing to drop everything and look at your home right away, only when you get multiple buyers in your property quickly can you get multiple offers.


Have a great Product: 

Price might bring them in the door, but the quality of your home is what will get them to buy.  Make sure that your home is fully ready for sale before you list it, if items are incomplete or it’s not cleaned, decluttered and staged then your home won’t stand out and make those buyers feel that they had better buy this one before someone else does.


List close to an Open House: 

If you list your home and have an open house planned for a few days later, buyers will feel the pressure to look at the home before the open house and to possibly offer before that open house as well, remember a buyer feels that the less eyes on a property the better the chances they will not have to end up in multiple offers


Make sure your Agent works for multiple offers: 

If you are looking for multiple offers, make sure that your agent is calling all agents who have been through the home that have showed interest or haven’t left any feedback at all.  Your agent should be making sure that they are exploring all options for more offers if that is what you are looking for.  Also, keep in mind

that some buyer’s will shy away from multiple offers, so you do risk losing those buyers if you are too aggressive.


Once you receive the Offers: 

once you have been advised there are multiple offers coming in, you will meet with your agent and all of the offers to choose which one works best for you.  Remember that the buyers have put their best foot forward, so you won’t often be able to send them back for more money.  While price is obviously a very important factor when you look at the offers, other factors to consider can be close date, conditions like financing, inspection and even sale of the buyer’s home.  Make sure that you choose the offer that works best for you and if you have to ask the buyer to make a few tweaks hopefully it can be done.  Be cautious of accepting an offer that has no conditions, in a few cases, buyers can get caught up in offering on a house before they have their financing pre-approved and could end up backing out of the offer, at which point, you would have to go back to the other buyers and hope that they are still interested in buying your home.  Not only can choosing the wrong offer cost you valuable time on the market, but it can also cost you more money if the other buyers are not interested, of have chosen to lower their original offer.

 

Whether you end up with multiple offers or just one offer, remember the end result is the same, your home will sell for market value and you’ll be moving onto your next adventure!

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Multiple Offer - Buyer's Perspective

Multiple offers are the things dreams are made of for sellers, but a nightmare for the buyer.  Today I wanted to provide some tips for buyers who end up in a multiple offer situation. 

1.  Don’t wait:  If you’ve found the one, don’t wait to offer on it.  Every day that you wait, other buyers are looking at the property and the more people that see it, the more likely you are to end up in multiple offers


2. Be Ready:  Have your mortgage pre approval, once you have your mortgage pre approval you’ll know what you can afford and you’ll be confident when you put in an offer.  If you have a questionable pre approval it is advised to not get into a multiple offer situation


3. Have your Professionals Ready:  If you do in fact end up offering on a multiple offer situation, you may be asked to tighten up your time frame to complete home inspections and final mortgage approvals and even lawyer tasks.  It is best to know who you will be using for these services and to make sure that you have them ready when you are.


4. Let you agent know your position: Having open and honest communication with your real estate agent is best and you need to let them know how you feel about multiple offers.  If you are willing to compete for the perfect house or if you are willing to walk away and keep looking.  If your agent doesn’t know your true feelings for the house or your motivation, they won’t be able to properly assist.  Remember, with a signed buyer’s commitment, your real estate agent is working for you and you are free to tell them how much you love or hate a house and don’t be afraid to hide your true feelings, chances are your agent doesn’t own that house and won’t be offended.


5. Plan a Strategy:  I can’t give up all my multiple offer strategy tips here, but those of you who have worked with me in multiple offers are aware of what can be done.  One tip that I will provide to everyone is don’t compromise on the big items, if your agent is asking you to remove your conditions of financing (if your financing is unsure) or to remove a home inspection, those aren’t items you should be compromising on.  Maybe not asking for that wall mounted TV or appliances you know the owners want to keep are good items to remove from the offer, but not items that can affect your ability to purchase the house, the added stress isn’t worth it.


6. Remember it’s your Best Shot:  Make sure when you are choosing what price you are going to offer in a multiple offer situation that what you are offering is your one and only chance.  This price is the price you have to live with, make sure it’s a number you can afford, a number that doesn’t make you second guess how much you spent on the house and a number that isn’t just below the other offer and when you found out you lost the house over $1000 you don’t want to kick yourself over and over again.


7. Feel Good about your decision:  Remember that if you don’t get the house you wanted there is always going to be another that you love even more.  If you did get the house in the multiple offer, Congratulations don’t worry if you paid a little more than you wanted, the house was the one and you’ll be there long enough to make a return on your investment.


Multiple offers can be exciting and nerve racking at the same time, make sure you are prepared if the situation arises and remember if you work with a good agent and the home is meant to be yours, it will be!

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