Multiple Offer Strategy
Recently, I have gone through multiple offer situations. It is always a hard call. For the buyers, there is that fear that you may be paying more than you bargained for and you may be getting caught up in the hype. For the sellers, it is great because they will most likely be able get more than the list price. Here are strategies that Buyers and Sellers should consider when facing multiple offer situations:
To make an offer the most enticing to a seller here are some of the items you will need to consider:
Cash… It’s the best way to get a home because you are not dependent on the Bank to close the deal.
No Home Inspection or A Home Inspection with no Remedy… This is a risk. You really need to know your stuff about homes and the condition the home is in.
Quick Closing… No more than 30 days on a closing will show that you have liquid assets and are ready to purchase without hassle.
Now, the sellers have their own strategies in this situation. If you get all of the offers in at the same time, the best and most effective strategy that I have seen is to ask for the highest and best by a certain date and time. Don’t have the agent discuss the other offers. This way you will truly get someone’s highest and best.
Overall with the changing environment, we will be seeing more and more of these situations with low listing inventory and a higher amount of buyers.