6 Tips To Handle Multiple Offers In Buying Real Estate
It turns out that there’s a seller’s market going on in the metro Atlanta area. You might not have heard this on the news but if you’re buying a home that’s priced under the median price point in an area then you’re likely to be in a multiple offer scenario. Multiple offers in real estate is nothing new. Most of the time there posts are written to counsel the seller on how to play the buyers to get the highest price possible. The biggest difference is now the sellers are mostly the banks. For example in Lawrenceville Real Estate, anything under $150K is likely to be sold in less than 2 weeks! So there’s going to be multiple offers on the lower stuff such as HUD homes. So here’s a few thing you should know about making multiple offers in real estate.
- It’s LEGAL to let all parties know about the offer amount (in Georgia). So don’t be afraid to ask, “what’s the highest bid?” Most agents won’t tell you directly so play hot and cold, better yet, hire a buyer’s agent (shamless plug) – call us 678-999-1001.
- Do your research or have your real estate agent do it to see what homes are selling for. If this is a low priced home and there is multiple offers, knowing the market can help make your offer, in some cases the bidding will take the home up into the area that homes sold for recently. [If you want to see what the market is doing, click here.]
- Cash is often king in a multiple offer scenario, but not always.
- Your financing is a key component of your offer, if your letter is not with a reputable lender or your lender is anything but absolutely clear that you are rock solid as a buyer, then your offer might not be selected. You should ask your lender about becoming “conditionally approved.” All of our clients bring Loan Commitment letters so that the only thing left is an appraisal. Gives our buyers a great advantage.
- Your closing time should be 30 days or less, you do not necessarily get “bonus points” for closing under 15 days
- Your inspection/appraisal clauses are not going to help you very much in the negotiations, if you feel strongly about the property do the inspection first, do it quick or don’t do it at all.
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