There Are Multiple Offers.  Now What?

As the real estate market starts to recover, homes are selling and many areas are reporting serious declines in inventory.  I have read several reports lately which had less than 60 days inventory!

When there are more buyers than desirable properties, you are very likely to get into a Multiple Offer situation.  Will you get the opportunity to make a “highest and best” offer? That’s up to the seller.  You see, the seller is not required to give notice and ask for highest and best. Instead, he is free to take any offer he deems to be acceptable.  We’ve seen the buyers who don’t get the house say “well, I would have paid that too if they had just asked”. When they asked for your highest and best, they DID!!

How can you increase your odds of coming out on top?  Have your agent put together the cleanest offer you can.  This includes price, earnest money deposit, inspection period, closing date, you name it.  Don’t ask for concessions or contingencies.  Is it worth losing the house because you asked the seller to leave the patio furniture and the other buyer(s) didn’t?  Increase your earnest money deposit to show you’re serious.  If you’re paying cash then  offer to close quickly.  We have used this several times and always came out on top!

Just remember, if you get into a multiple offer situation and the seller asks for your highest and best – you have ONE shot.  Make sure it truly IS your highest and best.

Bill and Cyndi