Knowing how to navigate multiple offer situations is critical for buyers and sellers alike.
The first thing buyers should do when they encounter a multiple offer situation is to make your strongest offer from the beginning. Also, make sure you’re working with a high-quality, local lender and that you are pre-approved before you submit your offer. Especially in a market like ours, national lenders won’t be able to perform as effectively as a lender who understands our area. I’ve seen offers rejected simply because of the lender the buyer was working with.
It really does matter whether the lender has a positive reputation or not. It’s very important that the agents involved with the transaction know the lender and are aware of their reputation. Also, buyers should think about reducing timelines and contingencies. This will be attractive to any seller.
For sellers, the best way to handle a multiple offer situation is by being patient. If you respond too quickly to an offer, you may end up missing out on better offer in the future. Even more importantly than that, make sure you work with an experienced agent.
If you have any other questions, would like more information, or want our help with your next real estate transaction, feel free to give us a call or send us an email. We look forward to hearing from you soon.