After weeks, even months of searching, you finally find your dream home! You work with your agent to draft up a reasonable offer only to find out that another buyer has placed an offer on the same house. What gives?
This type of scenario is all too familiar especially in today’s hot seller’s market and we need to get used to it! Before your devastation sets in, rest assured that there are a few ways your team at Premier Property Solutions can help you win a multiple offer situation.
Let’s start by understanding that a multiple offer scenario means that more than one Buyer has placed an offer on the same property. Typically, each Buyer is prequalified through a lender, and/or has proof of funds if they are purchasing in cash. Multiple offer scenarios are happening every day and more commonly in a market where inventory is low, like Charlotte.
The Seller has the most leverage in these situations. However, the transaction should be a win-win for both the Buyer and the Seller, as the Buyer is receiving their home in exchange. When there are multiple offers on the table, the Seller is considering both terms and bottom line so determine the MOST favorable option, paired with the most qualified purchaser.
Believe it or not, it’s not always the highest bidder who wins the bid! It’s all about negotiating and success in this area comes from working with the right agent. Negotiating is an art where all parties must feel like they are winning. There are several tactics we use, such as writing the Seller a letter from the Buyer, or offering more in nonrefundable funds paid to the seller, a quick close, etc.
The most important thing in negotiating is knowing what’s important to both parties so that you can come to a win-win agreement and move towards a common goal, which is closing. The trusted professional you choose to represent you in your purchase and/or sale should have a deep understanding of what is important to YOU so that they can best negotiate on your behalf.
As the market heats up this spring, don’t miss out on your dream home because you don’t have the right agent! Ask us for examples of how we’re helping our clients close in multiple offer situations.