Comments on: 5 Tips To Improve Your Odds in a Multiple Offer Situation

By: Jean Joh

Jean Joh — Thu, 30 Jul 2009 01:54:23 +0000

Dear Sore Loser,
I feel your pain. Keep in mind, however, that there are pros and cons to working directly with listing agents, and it can sometimes be a huge plus to have an agent who is “baised” towards you and working exclusively on your behalf. As a listing agent, I would hope to work in the best interest of the seller and not simply forward the offer that benefits me personally. The same goes for when I’m representing a buyer. Best wishes to you in your search for a home!
Jean

By: Phantamith

Phantamith — Tue, 28 Jul 2009 23:26:35 +0000

Jean,

You missed an important tip, an important one that I just learned the hard way. If you believe that you’ll be in a multiple bid situation, hire the listing agent to represent you. Then, you’re sure to get some favorable bias towards your contract.

There’s got to be some law against this in VA….

v/r
Sore Loser

By: Adam Chinn

Adam Chinn — Sun, 12 Jul 2009 20:08:38 +0000

Great Post Jean,
You covered many good points in how to increase your chances of getting an offer accepted. Of course there are many other factors that are involved.

Lee, proof of funds to close sounds like yet another tool in the box to help your clients offer get accepted. Thanks everyone for sharing your opinions and thoughts.

By: lee ginsburg

lee ginsburg — Fri, 26 Jun 2009 04:51:59 +0000

Jean,
Excellent!! I don’t think buyers understand the importance of the presentation. I have found that to be extreme important. I try to include proof of fund to close. It shows professional representation and that the buyers are serious and capable. Also building a repoire with the agent is a big plus.
Buyers should not be afraid of multiple offers. Many of the offers may not be competitive. My goal is to be close enough to get a counter and then I did my job and it is up to the buyer.

By: Jean Joh

Jean Joh — Thu, 25 Jun 2009 19:06:36 +0000

Thanks for all the comments.
Ed – I’ll be sure to check out your blog and pass it on.
Michael – that’s an interesting point and perhaps fuel for another blog in terms of which listings would have more potential for a multiple offer situation. I’ve definitely seen this happen on REO (bank-owned) properties which are often listed below the market.

By: Shokoofeh Nowbakht

Shokoofeh Nowbakht — Thu, 25 Jun 2009 03:03:00 +0000

Great points Jean. You are right about properties priced well, and receiving multiple offers. I tell my clients the listing price is just a “sticker Price,” as Terry Birt says. Buyer has to offer the best price for the house and as you mention keep it clean and make your offer as strong as possible.
Shokoo

By: Larry Franzella

Larry Franzella — Wed, 24 Jun 2009 19:01:25 +0000

Jean,

Great information, if your five steps are followed the chance of an accepted offer increases dramatically.

Larry

By: Kathy Wall

Kathy Wall — Wed, 24 Jun 2009 16:30:39 +0000

You hit it right on the money. It’s critical right now to make sure that you put your best foot forward and have all of your ducks in a row. Even then, it’s tough.

One last thing I would say to buyers is that they should definitely listen to their agent’s recommendation on price. Very often, we can tell that the house being sold is priced way under market simply in order to garner the huge over bids. If we say you need to go $60,000 over, we are genuinely trying to help you.

Conversely, if your budget is $300,000 and the house is under-priced at $275,000, we are not being lazy or mean when we tell you that it may be a waste of time to bid. We’re just trying to save you the heartache of waiting and not getting the home….meanwhile missing out on others that you may be able to afford.