Multiple offers is a word that scares everyone…except the sellers! The listings agent is on alert to be sure all details are handled ethically for the seller and all buyers and their agents; the buyers agent wants to be “the winner” for their clients and of course the buyers are now competing for a property they may have wanted to make a “less than” full price offer.
I have been working with a couple looking for a “value” purchase for quite some time only to run into the dreaded multiple offer situation on more than one occasion. Their initial response is incredulity and they respond with “their instincts tell them”…(?) not to compete as the fear of overpaying for a property take over logic. (Ahem…the price did not change!)
I have to be reminded of the pretty girl at the dance theory…if one suitor notices her, likely others are looking. If you like a well priced, well cared for, updated home in a good location, then the chances of someone else liking it are fairly high.
The notion that a buyer’s market is devoid of anyone actively looking but you is inaccurate. There are still people looking to buy a home and most willing to pay market value, with the market having made the adjustment, not the buyers desires.
In the current market conditions of the “popular price range” for condominiums in the Mauna Lani and Waikoloa Beach Resorts, the inventory is minimal! While there have been times when a multiple offer situation ends up without an accepted offer, it is rare; but does happen. The market has changed with the low supply of inventory. This is no longer a buyer’s market! There, I said it.
My Advice in the Multiple Offer Situation is to Make Your Best Possible Offer
- Make your offer with as few contingencies as you are comfortable with.
- Post a good deposit. Very important…shows strength and commitment.
- Find out what the sellers want with regard to timing and inclusions, and accommodate if you can. This is emotional for the sellers and your courtesy and patience will be appreciated.
- Provide a pre-approval letter with your offer if you are financing.
- Submit Your Offer. The only way you truly lose, is to not offer! You cannot win or succeed if you don’t try!
A hui hou!