House Talk with Silvia Dukes

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Home Buyer Do's and Don'ts in Multiple Offer Situations

Home Buyer Do's and Don'ts in Multiple Offer Situations

 

So you are looking for a new home and find that inventory of homes for sale in Spring Hill Florida in your price range and with the features and amenities you are looking for is low. 

Maybe you were looking at a home and thinking about making an offer only to find out that someone else beat you to the door before you had a chance to call your Realtor.

Maybe you've been watching new properties coming on the market and made your offer quickly only to find out it was rejected in favor of another buyer's offer.

What you experienced first hand is that you are competing with other buyers who are ready to act as soon as a good home hits the market. Good homes don't stay on the market long and often receive offers from multiple buyers before going under contract. 

Remember, the seller has only one home to sell. The seller doesn't know you so he will decide based on the merit of the offers that he receives. 

 

Here are a few home buyer do's and don'ts in multiple offer situations:

- Ask your Realtor to review with you recent sold homes that are comparable to the home you are interested in to come up with a reasonable offer price.

- Do make your offer based on your financial abilities and circumstances.

- Keep your offer "clean", meaning:

- Avoid asking seller for help with closing cost if at all possible.

- Keep inspection periods short but sufficient enough to do your due diligence

- Do not ask for high repair cost concessions - even if it turns out that only minimal or no repairs may be needed, sellers will look at the number as an "if" scenario and will deduct it straight from the offer price.

- Don't ask for contingencies if they are not necessary. For example, if you are paying cash and you really want the house, don't include an appraisal contingency.  

- Ask your Realtor to find out what may be important to the seller.  For some sellers it's price or the ability to close quickly, but sometimes a seller may forgo a higher price for the ability to stay in the property for a longer time before closing because of their own circumstances.

- Your offer is the seller's first impression of you.

- Do include your proof of funds, lender preapproval letter, and even proof of escrow deposit with your offer.   

- Make sure to have your offer submitted with all requested documentation and disclosures if available.

- Be prepared to increase your offer price or terms if the seller responds with a request for "highest and best offer". 

- If offered, do consider accepting a backup contract position should your offer not be the one that gets accepted.  Contracts do fall through and should that happen, a backup offer may just put you in first position to get the house without further negotiation.  

With a backup contract, you basically have "first dibs" on the property should the first contract fall through althewhile you can continue to shop around for other homes and typically cancel the backup any time before receiving notification from the seller that your backup contract has come into effect.  

 

Multiple offer situations can be stressful, try to remain calm and remember your goals and needs. Don't get carried away into a situation that you will regret getting into after the initial exitement wears out. As your Realtor I will guide you and help you through these situations every step of the way. 

 

Looking to buy a home in Spring Hill, Florida? 

Please contact me for information about homes for sale in Spring Hill and to discuss your home buying needs and preferences! 

 

   

 

 For more information about Hernando County Homes and Land for sale including Spring Hill and the communities of Timber Pines, Glen Lakes Golf and Country Club, Silverthorn, and Hernando Beach , please call or visit my website!

Let me help you find Your Place in the Sun!

 

Silvia Dukes PA, Broker Associate

Tropic Shores Realty, 3441 Deltona Blvd, Spring Hill, FL 34606

Phone: 352-584-7441    Email: SilviaDFL@yahoo.com   Website:  www.SilviaDukes.com

 

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Listing and real estate market information is current as of the date it was posted but subject to changes.

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Comments

Silvia Dukes PA, REALTOR, CRS, CIPS, SRES Excellent post with helpful tips to prepare buyers for multiple offer situations. Thank you

Posted by Mary Yonkers, Erie/PA Real Estate Instructor (Alan Kells School of Real Estate/Howard Hanna Real Estate) over 2 years ago

Thank you Mary Yonkers, much appreciated! 

Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) over 2 years ago

Silvia, this is excellent information for buyers especially when there are multiple offers.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty, Martha Hilton, Broker) over 2 years ago

 A "clean" offer with proof of funds or pre-approval letter, copy of the deposit check, and only standard contingencies like inspection and clear title will get to the top of the pile.

Posted by Fred Griffin, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) over 2 years ago

Silvia, that is great advice to help a buyer win out in a multiple offer situation.

Posted by Sybil Campbell, REALTOR® ABR, SFR, SRES Williamsburg, Virginia (Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia) over 2 years ago

Rebecca Gaujot, the Go To Realtor® thank you, we are seeing these situations more often again.

Fred Griffin absolutely and that also includes making sure the math adds up and the time frames make sense!

Sybil Campbell thank you, it can be an overwhelming and somewhat intimidating process but with the right strategy buyers will prevail in these situations. 

Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) over 2 years ago

Thanks for these tips, Silvia. Buyers, and probably some agents, will certainly appreciate this advice in a multiple offer situation, which seems to be fairly common

Have a great week!

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) over 2 years ago

Hi Silvia this can be a touchy situation. You have written an excellent post, why not address this before hand and we will have a better idea of how to handle the scene and be a true professional.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) over 2 years ago

Silvia Dukes PA, REALTOR, CRS, CIPS, SRES many buyers begin on a wrong foot by starting too low - even in this market.

And as you said - first impression is the one that perhaps will not help these buyers.

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) over 2 years ago

Good morning Silvia. I have a couple of my clients going through multiple offer situations right now, hopefully the guidance they are getting is as good as what you shared.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) over 2 years ago

Excellent tips for buyers.....you spell it out quite clearly, great post Silvia.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) over 2 years ago

Hi Silvia - Making an offer is stressful but following your steps and working with a qualified Realtor will alleviate some of that stress.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) over 2 years ago

Clean, clean, clean...Even in a single offer situation, submitting an offer with a laundry list of requests is a total buzz kill for the seller.  There other opportunities along the way to address concerns with the property and repairs.

Posted by Jenna Dixon, Empowers You With a Better Real Estate Experience (DRA Homes | Cobb County Real Estate ) over 2 years ago

Silvia, strong advice, and we are seeing a strong multiple offer market too, and buyers need to heed your advice too.  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) over 2 years ago

These are some great tips.  There are steps required to achieve a successful purchase.

Featured in BananaTude!

Posted by Belinda Spillman, Colorado Living! (Aspen Lane Real Estate Colorful Colorado) over 2 years ago

Hello Silvia ... wonderful post my friend with some great tips and information!

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) over 2 years ago

This is very good information to share with prospective home buyers.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 2 years ago

There is no obligation to conduct multiple offer bidding. Also, highest offer is not always best offer. Buyers need to make clean offers with their best price if they want to reduce the risk of competing in a multiple offer free for all.

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) about 1 year ago

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