COMPETING WITH OTHER BUYERS FOR THE SAME HOUSE?
The short answer is yes, there is a very good chance.
I've already talked about when I list a property, I like to use strategies that will increase the chances of multiple or competing offers.
Why? For a seller, it's the absolute best case scenario to realize the best possible outcome, which I always promise to achieve.
For you the buyer, I promise the same best possible outcome. However, a multiple offer situation for you is absolutely the worst case scenario. Having an Agent that fully understands this process and has a lot of experience in these situations, is extremely vital! Let me explain.
When you find a home you like and want to make an offer on it, the next step is for me to contact the listing agent and inform them that I have an offer and would like to present it to the sellers. The most dreaded thing for the buyer is when that Agent informs me that there are other offers. Providing the seller accepts it, the best offer will win. Generally you have one shot at it.
The first thing I always ask my buyers: Is this your dream home? Is this the house you really want? Is everything perfect? If the answer is no, you only want it if you get a great deal, we probably need to move on and look at something else. If the answer is yes, then I will ask you the following. What is the highest possible amount you will comfortably pay for this property? Later, in the event you get outbid, you know you did your absolute best, it was not meant to be, and move on. I have seen homes sell for tens of thousands of dollars over asking price on a regular basis.
The next thing (and this is why I say getting pre-approved financing is so important) is not to have your offer subject to financing. This is very powerful: I have seen the second best offer accepted just because of that subject. Among many other strategies I use, I also ask the other agent when the sellers want to move. If they want to move quickly or they want a lot of time, I try to have you accommodate them. This is another major factor and I have seen second best offers win because of this as well.
Inexperienced Agents can get very intimidated and flustered when presented with this challenge. In fact, more disputes and law suits are seen with this type of offer than any other. There are a lot of variables and strategies. I've even heard agents say that they will discourage their buyer from even entering into a competing offer situation because they cannot condone their buyer into paying too much for a property. The fact is, that multiple offers are very common, which sometimes makes it necessary to be in contention for certain properties. Market value is truly established at whatever the final sale price is. If it sells for thousands over asking, the asking price was too low. It's as simple as that.
My job is to get you the home you want. I am very experienced in these situations and you will not regret having me on your side for this one!
The above statements are still true in this current difficult market. Contact me and I will explain my exact strategies in dealing with today's market. You will be surprised with some of my proven techniques for a successful purchase or sale.
