A Buyer’s Guide to a Multiple-Offer Situation
In this fast paced, high demand, short supply market, navigating a multiple-offer situation as a buyer can be complicated and stressful.
If you’ve been on the losing end of a multiple-offer situation in the past, the chances are you spend a great deal of your day watching for new listings, ready to pounce when a new home presents itself for sale.
There’s no doubt that the sellers have the control in this market, and that can feel a bit scary. However, there are a few ways you can take more control of the situation.
These days, when discussing the sale of their home with their agent, many sellers agree to handle offers in a particular way. Then, when their homes go live and buyers start coming through, a great deal of them sway from their strategy.
At Donnelly + Co., we take this process very seriously and we talk through potential scenarios with our sellers beforehand to make sure everyone is on the same page. Together we commit to a specific strategy and that is indeed the strategy we employ.
But, not all real estate agents prepare their sellers in the same way.
It’s pretty common for new listings to feature details about the date and time of first showings and information about when offers, if any, are going to be reviewed by the seller.
Our advice? Don’t take this as gospel. In this market, it’s not unusual to find yourself faced with offer procedures that are inconsistent with what’s being advertised.
Ask your agent to find out if you can see the property before the stated first showing time. What have you got to lose? And, more importantly, don’t be afraid to submit an offer with a very tight deadline, even if the listing states that all offers will be reviewed on a specific day, at a specific time. If an offer comes in, the agent is obligated to present it to the seller. If your offer is compelling, the seller may decide to accept it. If the seller responds and asks you to wait until deadline, you can always resubmit your offer then.
Remember, your agent is on your side. If you work as a team, you’ll be able to navigate your way through the offer process with confidence.
