Dealing with a Multiple offer situation in Real Estate:
While multiple offers are a sellers dream come true buyers must be ready and prepared for this situation in order not get in over your head.
Make sure you for one trust your realtor; you want them to work without emotion because I promise you will be letting the competitive, emotional side get the best of you.
First off Realtors have to follow a certain protocol when dealing with multiple offers, so we highly recommend you take the time to sit down with your realtor and talk about just the general process of them representing a multiple offer, as well as the duties of the selling Realtor.
Now this part is important! Remember the number you had in mind before you found out about the multiple offer situation, and try to stick to that as a guideline. For example if you wanted to offer 380,000 on a $400,000 property hoping to land at $390,000 make sure you don’t pay much more than $390,000 for the property because the truth on every property is there will be something just as nice if not better come up, and maybe with a better price! Your realtor will be happy to start shopping again with you if you loose this property, and I promise you will find something! You do not want to win at any cost.
Second is making sure everyone including all buyers, the sellers, and all realtors are being dealt with in a respectful, fair manor. Do not let yourself, or your realtor be bullied because chances are if you are being bullied so is the representative of the other offers. Everyone should be given equal time to present their offer, in order to give you enough time to think about your ideal possession dates, price, and conditions. Make sure you are completely happy with your numbers, dates, and conditions because we and all other Realtors do not want you to have buyers remorse.
Although it is nothing like the Real Estate boom, we still deal with multiple offers on a regular basis so please feel free to contact us with any questions or dilemmas.