Multiple Offers, When More Than One Real Estate Buyer Happens.
How to handle multiple offers, more than one real estate buyer shows up, to court and spark with a property listing.
Sounds like a wonderful situation for the real estate seller.
If you were a buyer in the round robin, you might wish you were the only one. And hope to be the last one standing. With your offer to buy the one that is accepted by the property listing owner.
But multiple offer situations, they are like delicate surgery where time, communication and consistency in the treatment with respect is imperative.
To make each and every buyer in the multiple offer situation feel like they had a fair shake.
That the playing field was kept level, no hanky panky happened to leave a bad taste in the buyer who did not get their offer to purchase the real estate listing picked from the pack.
And don’t burn bridges. That buyer that was runner up may be picked to wear the crown at the sit down, sign and pass the paper real estate closing.
So monitoring the multiple offer situation, we let the seller know at time of listing the property this can happen. To not get cocky and please don’t think the property is under priced and that the sudden shortage of this type of real estate listing is part of it. Supply and demand is at play.
Real estate markets like the weather change.
And markets within the market happen in the layers of real estate we list, market, sell (repeat). Like playing Fish. Sometimes there is a shortage of just the right kind of property that is no where to be found on the MLS round and round merry go round.
Seeing double, triple or more. When more than one buyer for the real estate property listing for sale in Maine show up, it is time to make them all read, understand, and ask questions about what a mulitiple offer situation is.
How it can be handled smoothly or go badly sideways and wobble horribly and everyone in the multiple offer real estate free for all can get hot under the collar.
Agents, lawyers, buyers and sellers alike.
It takes special handling, setting expectations and fair treatment.
So the buyer not picked out of the hat from the multiple offer real estate situation is not happy about be passed over. But knowing the selection was based on factors he or she could have upped the ante to sweeten the deal if studied from the seller’s perspection.
The most important aspect of a multiple offer real estate buyer situation to remember is both sides have to look at the scenario from the other end of the teeter totter. The seller is seeing more than one option to accept.
Everyone has a role in the multiple offer generation and eventual selection of who is picked and why.
Size of the deposit, very few or overboard on the contingency strings attached to the offer that is right on or too low. That is what the seller of the property listing is looking at and concerned about most.
Not just getting the highest offer but the quickest route with the least hassle for the seller is just as important.
Seeing it from the other side of the buy and sell equation is key.
Like any offer, how it is structured and what is asked for comes under scrutiny. More than one option and differences in the multiple offers makes the choice of who to pick easier. Because of the distinctions.
When everything is the same, it becomes flip a coin, searching for other factors to see the difference who judge who should get the property listing on the chopping block and up for sale.
The “highest and best” seems simple enough to expect if you are the seller of a property listing that is attractive to more than one buyer hot on the trail to make it their own.
But the transition of being in the home and out on the street or in the next place to call home. That is just as important to the seller who does not want to move twice or more times.
Same for the buyer who wants the place, but not to have to sleep in their car or couch surf waiting for possession. A bank and the attorney won’t let a place close with a seller still in possession because eviction of a seller who just won’t go is not what they want to see happen.
So you are the buyer of a home, any type of property listing for sale and need help on how to proceed when it is a multiple offer situation shaping up.
With more than one buyer, you don’t want to wait your one and only shot with a low ball offer seeking to find the bottom line.
That is out the window if the seller says give it your highest and best and consider the shortest time to close, the least amount of strings attached to the offer presented. Placed on the table to chew on and consider.
So too low and she won’t go, the offer won’t be accepted.
Up the deposit amount because it is contingent upon clear title and you only lose it if you don’t proceed with the sale and the offer is accepted.
If you can move quick, make the offer show a quick closing so the sale does not drag out.
This sensitivity and asking questions may help you crat something that fits perfectly into the seller’s plans and separates you from the rest of the pack bogged down with a bank loan process or domino sales with another home that has to sell first.
Show you are pre-approved, provide the letter from a bank mortgage lender to show if you are not paying cash, you soon will be and that the lender is on board. So the seller takes you serious. Knows you mean business. Take the time to understand what time table for a move works best for your seller and tailor make the paperwork to reflect that.
You want to be picked so the contract to purchase offer on the real estate has to be sensitive to the timetable of the seller, not just you.
It has to be good for the seller, not just you to get them to sign on the dotted line of your multiple offer paperwork!
Avoid all the extra demands and keep it very simple. You will pay this price, on or before this date as long the title is cleared and without asking for everything to stay that was never part of the real estate deal. Personal property demands can really distract and derail a real estate sale.
Keeping the focus on the real estate sale, avoiding bringing in and complicating it with other requests or demands works best.
In a multiple offer situation where only your seller should know what you are presenting, not any of the other prospective buyers who would fashion their spit balls differently to hit the prized real estate target.
207.532.6573 | [email protected] |
MOOERS REALTY 69 North Street Houlton Maine 04730