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Healthy Cells is a local health magazine with most of the articles written by local professionals. People love to read about healthcare from their local health professionals. Each month includes a wide variety of articles on various topics.
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Multiple Offer$ Que$tion$ to Consider in a $eller’s Market

When homebuyers outnumber sellers, the result can be a multiple-offer scenario. If you’re searching for homes in a competitive market environment, you’ll want to take time to understand the dynamics of multiple offers and understand how this might impact your negotiating strategy. The following are some questions to discuss with your agent:


    Will I know if I’m in a multiple-offer situation? Not necessarily. Typically it works to a seller’s advantage if buyers are told they are competing with one another, but a seller must give their agent permission to disclose the existence of other offers before this can be shared with your real estate agent.

    How will offers be presented to the seller? The seller decides how they want this handled, either individually or as a group presentation. Once presented, a seller can elect to accept (or counter) one offer, reject all offers, or reject all offers in conjunction with a request to resubmit a “highest and best” offer.
    
    If my offer has the highest price, can I be confident that I’ll beat out other buyers? No. Sellers can accept whichever offer they consider “best” and that may be based on other factors, like the certainty of closing (e.g., the buyer is already approved on their mortgage) or flexibility on closing dates.

    What are my options for writing a stronger offer? In addition to firming up your financing (or paying cash) and offering flexibility on timing, there are a number of other things you can do, including eliminating contingencies, increasing your earnest money deposit, or paying closing costs, to name a few. Discuss your options with your real estate agent.

    If I don’t want to compete with other buyers, can I withdraw my offer? Yes, as long as you deliver notification to the seller revoking your offer before they’ve accepted it.
    Every homebuyer benefits from having their interests represented in a real estate transaction, but in a multiple-offer scenario, you’ll gain even more if you’re working with an Accredited Buyer’s Representative (ABR). Discuss these and other questions with your real estate agent so you can anticipate each step in the negotiation process and improve the likelihood of a successful outcome.
    
    Questions about the local real estate market? Ready to buy or sell a home? Contact Amanda Weissgerber at Re/Max Choice, 2203 Eastland Drive, Suite 1, Bloomington, call or text 309-830-2653, or email This email address is being protected from spambots. You need JavaScript enabled to view it. .

 

 

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