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Wednesday, January 19, 2011

Multiple Offers: What is a Buyer to Do?

Image: Salvatore Vuono / FreeDigitalPhotos.net
I talk to someone every day who tells me, "I don't want to get involved in multiple offers."  However, in today's market it is difficult to avoid this situation.  Honestly, two offers on one property constitutes a multiple offer situation.

I tell my buyers not to stress out over  multiple offers. The existence of multiple offers should NOT affect your offer.  You will look at what similar homes have sold for in the area.  That will give you a basic range of sales prices. You will then decide upon an offer price that takes into account the condition of the home and also your feelings about the home.

It is always best to make your best offer up front because you may not get another chance.  Sometimes sellers will send out a call for everyone to submit their highest and best offer.  Sometimes this does not happen.

Don't let multiple offers stress you out.  Make your best offer and go from there.  If you lose out, there is always going to be another home that comes on the market that meets your needs.

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