Real Estate in Sarasota, Bradenton, Lakewood Ranch
Diane Christner
941-877-6852941-877-6852

My agent says there are multiple offers on the home I want to buy….

You’ve been house hunting for weeks, even months.  A new listing comes on the market and you love it, you go with your agent and immediately write an offer.  Your agent calls hours later to tell you there are multiple offers on “your” home.  Now what?
Sellers have several ways to deal with multiple offers. Sellers can accept the “best” offer; they can inform all potential purchasers that other offers are “on the table”; they can “counter” one offer while putting the other offers to the side awaiting a decision on the counter-offer; or they can “counter” one offer and reject the others.  How multiple offers will be handled are determined by the sellers.
Purchase offers generally aren’t considered confidential. In some cases sellers may make other buyers aware that your offer is in hand, or even disclose details about your offer to another buyer in hope of convincing that buyer to make a “better” offer. In some cases sellers will instruct their listing broker to disclose an offer to other buyers on their behalf.  Some states have laws or real estate regulations that may limit the ability of listing agents to disclose the existence or terms of offers to third parties.
The Code of Ethics obligates REALTORS® to be honest with all parties; to present offers and counter-offers quickly and objectively; and to cooperate with other brokers. Cooperation involves sharing of relevant information.
So how do you get your offer noticed above the rest?  Price is, of course, an important factor.  Now is not the time to come in with an offer lower than you want to pay in the hopes of negotiating with the seller.  Have your real estate agent prepare a comparative market analysis (CMA) on the home, showing you the most recent sales of nearby, similar homes.  The information can help you decide what is, in your opinion, a fair offer on the home.  But price isn’t always a deciding factor.
Show the seller you are a serious buyer by providing Proof of Funds if you are making a cash offer, a pre-approval letter from your lender if offer requires you to obtain financing.
Have your agent find out as much as possible about why the owners are selling, their future plans.  Do they need a quick closing date or a longer closing?   Do you want to see a larger deposit and/or down payment?  Find out what the “hot buttons” are for the seller and use that info to your advantage.
Make your offer as free of contingencies as possible, cut the timelines for your contingencies as much as feasibly possible.  Adding a contingency for selling your current home to an offer in a multiple offer situation is never a good idea.
If the seller seems to have an emotional attachment to the home, you might try writing a personal letter to submit with your offer explaining why you love the home, want to live in it.  Paint a picture for the seller.
In multiple offer situations only one offer will result in a sale, and the other buyers will often be disappointed their offers were not accepted.  While little can be done about that disappointment, when the listing agent is fair, honest and communicates in a timely manner during the offer and negotiation process, it is more likely buyers that made offers will will walk away feeling they were treated fairly in the multiple bidding process.

 

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About Diane Christner

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Diane Christner

REALTOR, GRI, SFR, CNE

dianemc21@aol.com

941-877-6852941-877-6852 main

Bright Realty

5218 Station Way Sarasota, FL 34233

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