805 Local

We have been waiting for this to happen but we are announcing it is official — multiple offers are back.  How long will this new phenomenon continue in style is any body’s guess.  We have seen increased activity and multiple offers on listings that  have been sitting with little or no action.  Then boom –there are four offers. 

We thought about keeping it quite.  You know…. it might jinx it but the news is so good we had to make the announcement.  And, no, we are the only agents this is happening to.  Realtors are reporting two offers on high end houses and six or eight offers on the lower end houses.  This means confidence is returning to the market; buyers see value; the market is not doom and gloom as the newspapers and television reports. 

As a public service we thought we would give a few tips if you are involved in a multiple offer:

If you are the buyer—

• Put your best, strongest offer there the first time.  This might be your one and only chance.  Don’t expect a counter offer for price. 
• Don’t be afraid to compete.  Many people don’t like to compete and will drop out.  Be persistent, polite and concise.
• Remember it is more than price that determines who the seller selects.  Try to find out as much as possible about the seller to determine how to write your offer.   A good Realtor will understand how to fit your offer into what the seller needs.  This could  include selection of title, escrow, closing date, possession date, on and on….
• Forget about asking for things such as home protection plan, closing costs, above-ground spa, etc.  Don’t sweat the small stuff.
• Present more than just a pre-approval letter from your lender.  Get a copy of the desktop underwriting from your lender.  This will show strength.
• Make certain you have the right agent.  An agent representing the buyer who badgers, pounds, etc. the listing agent reduces the chances of your offer getting accepted.  A sale transaction is a cooperative effort not combative. 

If you are the seller—

• Our experience has taught us to do a comparison sheet for the seller showing purchase price, amount down, closing date……the many critical factors of the offers.  The one page comparison helps the seller analyze and select which offers to counter and which to reject. 
• Time is of essence.  Yes, you might have several offers but those potential buyers want an answer. 
• Don’t get greedy!!  You could lose all of the buyers.
• Congratulations…….be happy you have choices.

We have more tips based on our many years of collective experience.  These just scratch the surface.  We both love working on multiple offers and are very happy to have them return!!

Do you need help?  Call us.  We are ready, willing and able to help you!!