Over the past several months almost every one of my home buyer clients have found themselves in a multiple offer situation.
That is a sign of the times in Brevard County, Florida real estate – more buyers, fewer sellers, improving prices.
Prospective home buyers should understand the multiple offer situation. The seller’s agent tells your real estate agent that more than one offer is expected (or has been received). The seller’s agent will not disclose the amount of any other offer but rather will likely just say “give me your best offer by X o’clock.”
So what should a buyer do when presented with a multiple offer situation?
Seriously consider your first (and ultimately, only) offer price.
But don't get caught up in the moment. It is often best to decide early on the most you are willing to pay regardless of the number of offers.
A buyer’s commitment to particular house (read this as emotional
attachment) will direct their approach to the multiple offer situation.
It is critical that buyers facing multiple offers consult their real estate agent and
respond in a way that, regardless of outcome, you are satisfied.