Here are a few things to know about multiple offers in our present market.
As most of you know, our real estate market is super hot, along with many others in the country. Within two days or fewer, homes have multiple offers on them and are often receiving more than asking price. Right now we’re seeing escalation clauses and people leaving out contingencies that used to be standard such as appraisal, inspections, and financing. There’s plenty of competition for properties these days.
In this time of multiple offers, you need a professional real estate agent to help you navigate the process. An agent will help you figure out how much to list your home for, how to stage it (which is still necessary), and how to choose the best offer. The highest-priced offer may not be the best one for you.
Our team works with more agents than anyone, so we know who’s good and bad, as well as the good and bad lenders. We know who we can trust and has a positive reputation. There are some shady, unethical things happening out there. Not a ton, but you need a pro to ensure you’re not getting caught up in it.
A quick segue for buyers: I had a buyer call me yesterday wanting to see one of our properties. They didn’t have an agent and didn’t want one, which is their prerogative, but that means they didn’t know there were at least three offers already on that property, offers were due at a certain time, and didn’t know what to have in their offer. I wish people trying to buy a house on their own good luck because it’s difficult, and you need some protection.
Sellers need to look at all the terms when comparing offers. For example, if an offer isn’t contingent on an appraisal and the buyer is willing to pay the difference between the appraised value and sales price in cash, that’s an offer to consider. Maybe they’re willing to buy as is and won’t ask you for repairs. Or perhaps they’re getting a loan but not making the offer contingent upon financing because they’re confident they can get a loan.
There are many things to think about and navigate during a home sale. The Downing Group would be glad to help you through the process. If you have any questions about multiple offers or need any real estate help, give us a call, DM us on our Facebook page, or send an email. Happy selling and buying.