Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we’re seeing multiple offers—and sometimes even bidding wars—for
Beating The Multiple Offer Battle In Sellers Market
Dated: July 21 2016
Buyers often have anxiety in this sellers market with having to deal with multiple offer situations .
A good buyers agent can help you fight this battle through their knowledge and expertise.
I recently helped an investor client purchase the property below. It had 11 other offers by the time seller decided to review (within 2 days of it being on market) one of which was a "cash offer" , another one which was 20K above asking price. It was only day 3 on the market. We had previewed the property an hour after it went live and submitted the offer within 24 hours of it being listed.
Our offer was a financing offer and below the cash offer yet it was the winning offer among 11 other offers. The agent picked the one he felt most confident about and which was most favorable to the seller. The seller did not pick an offer which was 20k over asking- due to the risk of it not appraising that high and other terms on the offer which were stronger than the other offers. Had the seller picked the higher offer, they would risk losing the deal if it didnt appraise that high.
A knowledgable and aggressive buyer agent would always study the comps to analyze appraisal risk , evaluate the seller motivation and prepare the offer with the right terms to maximize the winning potential. These are a few things a buyer agent should educate their client about and guide them in the right direction.
Realtor since 2013
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