Don’t let Multiple Offers scare you!!!
In a seller’s market, such as this one, there are more buyers than homes for sale. As prices continue to rise, multiple offers have become a routine affair. From a buyer’s perspective, the multiple offer scenario can be a daunting one but it doesn’t have to be if you’re prepared. Multiple offers at the onset may indicate that the seller has the advantage and can pick and choose whatever they want however as a buyer; you have to determine how keen you are for that particular property. If the property meets your requirements and you are competing in a multiple offer situation, here is what you need to consider:
- Price – Often, price is the deciding factor in multiple offers. The sellers obviously want the highest price possible; you as a buyer have to consider the price you want to pay. This is where your agent’s expertise will help to determine how much the property is worth and what price you should pay.
- Terms/Conditions: When presented with multiple offers, Sellers and their agent are usually keen on offers that are high in price but also offers that have no (or minimum) terms/conditions attached. Be prepared to present an offer where you can eliminate the financing condition and reduce the number of days on an inspection condition to a minimum.
- Work with the sellers: Structure your offer in a way that will appeal to the sellers. i.e. your real-estate agent should contact the seller’s agent to find out if the sellers are looking for a long/short closing and prepare the offer accordingly.
- Make a Large Deposit: A buyer must provide with an accepted purchase offer, a deposit. The amount of the deposit is usually variable but in a multiple offer situation, a large deposit can indicate to a seller the serious intent of the buyer to purchase their home.
If all these factors come together, you as a buyer have no reason to worry about multiple offers. All this will all have an impact on whether a buyer has their offer accepted in a multiple offer scenario but the most important tip is that the buyer has a knowledgeable and experienced agent working on their behalf. Call on of the experienced agents with The Tom Joseph team and we'll help you put in the winning offer!