You’ve found the property of your dreams and then discover there are several others who feel the same way you do. What should you expect in a multiple offer situation when you’re the buyer?
It can be difficult if you have limited resources or options but there are a few things that you can do to increase your chances of success during a multiple offer situation. Although money is an important part of the consideration for sellers it is not the only reason that dictates the acceptance of an offer.
The most importance resource you need is an experienced agent who knows her way around the area and negotiations. She needs to meet important deadlines and have clear communication with you AND the other agent. A missed deadline or not being clear on required submission protocol can cost you the opportunity to bid.
In turn, it is equally as important that you get back to your agent with the information needed by the time she requests it.
The first consideration is always dollars. Review your budget, know what your maximum dollar is for your purchase. In a known multiple offer situation, it is usually the best strategy to offer your highest and best first, otherwise you may not get a chance to counter an offer. When deciding what your highest and best will be, don’t make the decision based purely on emotion or finances, have your agent research the comparative properties so you have a clear understanding of the general value of what you are wanting to purchase.
Know that contingencies on the sale such as financing, inspection, or the sale of your existing property may make your offer less compelling to the seller but you can make it more enticing by being flexible with their move date or with a larger earnest deposit.
Whatever you choose to include in your offer, a multiple offer situation is not a time to low ball the asking price.
North Lake Tahoe has been a very strong real estate market this year with many instances of multiple offers. If you’d like to take advantage of my decades of real estate experience and my strong negotiating skills, please give me a call to help you find the perfect Tahoe home!