Representing home buyers, I lost out in TWO multiple offer situations in a ten day period. Ouch!
When a Buyer finds themselves in a multiple offer situation, they need to put together an offer that will be most attractive, because you ARE COMPETING. Multiple offers create a “frenzy, auction-type” atmosphere. Not only does more than one person want the same home, everybody wants to WIN!
A few questions to consider in a multiple offer situation include:
- How will you feel if you lose this home to the other bidder? Will you feel slightly disappointed or will you feel miserable?
- Do you have a 2nd or 3rd choice that you would be happy with?
- Does THIS home offer features that you are not likely to find in other homes? Is it unique and does it meet your wants and needs?
- If you pay slightly over list price while getting a very low interest rate, will the amount of your monthly mortgage payment increase enough to prevent you from paying more? OR, does the thought of paying more than list price just not sit well with you?
The National Media is still telling the public that “it’s a Buyer’s market,” inferring that Buyers can bring Sellers to their knees and have their way with them. Please remember that all real estate is local and that is not the situation in the greater Tulsa real estate market.
The single best way to make your offer more attractive is to offer a higher sales price. Additionally, don’t litter your offer with requests – keep it simple and clean. If you have a good work history, are paying a significant amount down; or are flexible on closing date, make those factors known to the Seller’s Realtor.
If you’ve found the home of your dreams and wind up in a multiple offer situation, be prepared to fight for it. And if you have an Ace to play, NOW is the time to play it!