What Can Give Buyers the Edge in a Multiple-Offer Situation?
October 8th, 2015 | by Michelle
When you’re buying a home in a tight market, the help of a good real estate agent is vital. You’ll likely be dealing with multiple-offer situation … and an experienced agent will know how to help you write a deal that gives you the edge over competing buyers.
We asked our expert agents how they’re dealing with multiple-offer situations. Here’s what they had to say …
A: Having an experienced agent who has been in this type of competitive situation before really helps with understanding how important it is to make an offer that stands out not only for the offer amount. In today’s market, you need to pay attention to the logistics side of the contract to make a stronger deal. We’ve won a lot of offers not on price, but because we were able to create a good situation for the seller.
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A: It’s about giving the sellers what they want, and right now that involves more than just the offer amount. In a market with low inventory of homes for sale, as is the case in many of the coveted neighborhoods in Dallas, contracts with fewer contingencies or very short contingencies are important. Option periods are shorter and include a more significant amount of money – five to seven days instead of 10, and up to $500 in some cases.
A: If a buyer can write a cash offer or make a no-contingency contract – anything that makes things more favorable for the seller, that’s all the better. We’re seeing contracts that allow the sellers anywhere from a few days to several months in a home after the sale, sometimes at no cost to the seller. It’s best to have your agent call the selling agent to get an understanding of the seller’s needs, so you can accommodate them in the offer.
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A: There are several key components to an offer. Price is not always the most important component. A good agent will know the variables and be able to find out what is important to the seller. Focusing on the house value is key. It is better to lose out on a home than pay so much that it stops becoming a great deal. I have been very fortunate the past few years to win several multiple-offer situations for my buyers.
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For more luxury homes throughout North Texas, see briggsfreeman.com. Click here to see the latest in real estate news. President and CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with offices in Dallas, Fort Worth, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.