Wednesday, August 6, 2014

Multiple Offer Situation Tips for Buyers

Due to the current lack of home inventory in the St Marys / Kingsland real estate market, multiple offers on a house are becoming much more common.

It’s not unheard of for a property to receive two, three or even ten offers! It’s great news for the sellers, but a multiple offer situation can be tricky if you are looking to buy a house.

You have found the perfect house, secured a real estate agent and are ready to make an offer on your new home. What if someone else is ready to bid as well?

Here are some tips for home buyers to keep in mind during a multiple offer situation:

Know Your Limit

A multiple offer situation can lead to a bidding war which often causes buyers to end up spending more on a property than they originally intended to.
Know how much you can spend and stick to it.

Keep Your Emotions in Check

If you are making an offer on a house with multiple offers, don’t feel disappointed if you don’t get the property. It’s easier said than done, but it is important to not let your emotions get in the way when trying to buy a home.
If you do not get the home you originally wanted, keep in mind that there is something even better out there waiting for you.

Work With A Good Buyer’s Agent

Multiple offer situation are clearly advantageous to the seller and usually not to the buyer. Working with a strong, knowledgeable buyer agent will help make sure you do not over pay for a property and that the process of buying the house goes smoothly. Agents are used to helping people who are
buying a house with multiple offers and have experience helping them bid appropriately.

Get Pre-Approved

A pre-approval letter is better than a pre-qualified. It means that you are financially able to purchase the home. If there are multiple offers on a home, the seller is much more likely to pick the one they know for sure will go through.
Have you been in a multiple offer situation as a buyer? What happened?