With so many homes on the market receiving multiple offers, sellers are more in control now than they have been since the housing boom. There’s more competition from buyers for the sparse amount of properties to choose from. Top tips for handling multiple offers successfully starts with the most important factor, the price an owner chooses to market their home. The chances of getting multiple offers with a home overpriced is highly unlikely. How else can you explain the number of properties that come on the market and sell quickly, compared to those homes that come on the market and sit for months with no offers. It boils down to price.
From the buyer’s perspective, it can be nerve-wracking competing against other buyers for the same home. With four or five consumers bidding on the same home with only one winning bid, the stakes are high, especially with the knowledge it might be months waiting for the next buying opportunity. That’s the downside of having limited inventory. Buyers should always assume every other offer is either full price or above. This is particularly true if the home is brand new on the market. Buyers can put themselves in a better position by creating a proposal that can’t be beat. The contract should be as seller friendly as possible. By taking on more of the allocation of cost, the buyer can in turn make their offer more attractive.
The buyers agent should consult with the listing agent and get an idea what factors are most important for the seller. From the move out date to a reduced period for buyers inspections, can assist the buyer in making an offer that’s attractive to the seller. The price is usually the most important determinant, but the terms can also be vital when sellers compare each proposal.
Bank owned properties use a different strategy with multiple offers. They will normally offer a second opportunity for each buyer with the highest and best option. This increases the frenzy and therefore increases the eventual sales price. With a traditional buyer and seller transaction, the buyer only has one chance to put their best foot forward. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling s home, scan my informative blogs, join my professional networks on Twitter and LinkedIn and easy access to view local area homes for sale in Davis, California and the surrounding communities, including pre foreclosures.