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Wednesday, November 07, 2012

Home Buyer Tips– Taking Multiple Offers Means You Have One Shot!

I spoke with someone last evening who intends to put an offer in on a “really a great priced house” where all offers are due by Friday.   In this case the house received three offers on day one and the seller has given all until Friday.

And, although I am not her agent, I am pretty sure she will never get the house and is wasting her time (and her agent’s as well).  Multiple offer situations require a buyer give serious consideration and give their highest and best offer.

I don't believe she will get it for a couple of primary reasons.
  1. Mistake one.   She is talking about making low ball offer.  Some sellers intentionally under price to get competitive offers – not to give away their house or condo! 
  2. Mistake two.  In her words “If this one doesn’t work out I will get pre-approved for a mortgage.”   The cleaner the offer, the better the chance of acceptance by the seller.
What does “cleaner” mean here?  Reasonable price with the most supporting documentation like mortgage pre-approval, proof of funds letter and fewer contingencies, quicker closing, etc.

A seller will ultimately select the offer that gives them the best price with the most likely chance of closing the transaction.

Need a professional Realtor® in Brevard County, Florida?  Call me at 321-693-3850.

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