Oh No - Multiple Offers | What is a Buyer to do?
What must a Buyer Know in Multiple Offer Situations?
If you walk in a home and instantly fall in love with it, the odds are pretty high you aren’t the only one. (Click HERE for Why!) Welcome to multiple offers. The best thing you can do is make an offer as soon as you are comfortable and make it good.
Buyers often pass over making an offer for the simply the fear of being in multiple offers. Don’t let your fear get in the way! Don’t assume that you may not have a chance; get your offer in. There is always a chance that your offer may just be what the sellers are looking for. Likewise, very often we see buyers & agents get overly discouraged in a competitive market and fail to submit their offer based on a false assumption of multiple offers.
Should a property receive multiple offers, the seller will likely request a highest and best with a deadline for submission. However, a seller is not required to do so! It is not uncommon for a seller’s needs to be met by one particular offer (a stand out offer) and they don’t request highest & best - they simply try and work with the offer the best suits their needs. Remember, there is more to the offer than price alone. If you can offer the seller flexibility with the closing date, or perhaps allowing the seller to stay in the home for a few days after closing, you may just win the day.
First discuss your strategy with your agent, and understand your options. Be frank in your desire for a particular house; this way, your strategy can support your needs. Second ask yourself what this home is worth to you and what you are willing to lose it over. Simply put, there is a price that keeps the house attractive, and a price where "losing" the offer is acceptable. Lastly, ask your lender about your options to make sure the home & strategy remain affordable in your set budget.
Something to remember, in Texas, a seller is not required to disclose if they have more than one offer! And there are times when a seller may feel requesting a "highest & best" offer is not in their best interest. That is why you may want to put out your best offer forward, if it is a home you truly want. When you put your best offer forward, you know that should the seller select another offer, it was at terms or a price greater that you were willing to pay.
If you end up in a multiple offer scenario, we can help you create a strategy that you feel will put you in the best position to meet your goals. The most important thing to remember, do not get discouraged! The answer is always “No”, if you don’t make the offer!
Christie Cannon REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
469.951.9588: Mobile
972.215.7747: Office
Voted as one of the BEST Realtors in D Magazine for 2010-2016
Voted as a Five Star Professional 2012-2016 Texas Monthly Magazine
Name among America's Best Real Estate Agents by Real Trends Magazine
Certified Luxury Home Marketing Specialist
#1 Keller Williams Agent 2011-2015
Top 100 Agents in the Nation / KW
4783 Preston Rd #300 Frisco TX 75034
