Multiple Offers

Posted by on Saturday, February 22nd, 2014 at 5:17pm

In this ever changing real estate jungle, buyers, sellers, and agents are constatntly experiencing new hurdles to overcome as the market changes from season to season. Currently in the Staten Island market, like other markets, we are experiencing a shortage of inventory. We simply have more buyers than sellers. That being said, multiple offers(a topic that was laughed upon in our previous depressed market) are now somewhat of the norm in regards to some of the properties on the market. As a buyer and a seller this can be very frustrating. Buyer's can wait and wait and be very patient, eventually find their dream home with their realtor, make a strong offer and realize they are 1 of multiple strong offers currently on the property. On the flip side, the sellers are confused at which offer to take, which buyers are the strongest and most serious, and what terms are best favorable for the seller. Remember, the highest offer in terms of price doesn't always take down the property, terms of a deal are just as imprtant! My advice to buyers and sellers are very similar. When presenting an offer/reviewing an offer, first it is critical to make sure the offer is in writing! From the buyers stand point, besides the amount of your offer, have your offer as precise as possible. Identify your mortgage professional, home inspector, and attorney. I always recommend using local professionals. Chances are the listing agent is familiar with these local professionals, and will be able to translate that to the seller to make them feel comfortbale. Be clear that you have a strong professional team in place along with your realtor to prove to a seller that you are qualified and prepared to purchase their home. This is something that not every buyer may be equipped with and ready to present as part of their offer. Many buyers want to give verbal offers and not be fully prepared for the rest of the process. Discuss this with your agent and be ready to make a strong case as to why the seller should take your offer over someone else's!

1 Response to Multiple Offers

perri wrote:

Matt, I think you're absolutely right! If your buyer is really serious about the house then they won't mind putting it in black and white. Sellers will know your serious and ready. It also separates the serious buyer's. You definitely don't want to waste their time or yours!

Posted on Tuesday, February 25th, 2014 at 10:40pm

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