Southern Maryland Best Buys

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Multiple Offers Are More Common Than You Think

Multiple Offers are alive and well in Southern Maryland. Sellers appreciate them and Buyers are bewildered by them as they make a Spring Comeback in this Southern Maryland and Anne Arundel County Area. Prepare Offers Wisely!

 

Bidding wars are taking place more frequently in today's market, a sign of improving conditions. As we start to see more buyers fighting over the same home, we offer words of caution and some helpful advice. 

For those not familar with the term, a "multiple offer" situation or "multiples" in real estate lingo, occurs when more than one buyer is attempting to purchase the same home at the same time. This happens not only on homes that are new to the market, but also to homes that have been sitting for a long time.

The important point we want to convey is that a multiple offer situation can happen at any time and will present additional challenges to both buyer and seller. These transactions can be much more stressful and complex so strategy is extremely important here. One wrong move could put you in a bad situation.

As a buyer, not only do you have to negotiate with the seller, but you also have another buyer to worry about.  

As a seller, while most dream of having multiple bidders for their home, it isn't as great as it seems. Buyers are often very uncomfortable being in a competitive bidding situation. If you don't play things right here you could alienate all of your buyers and end up with none.

The fact is, emotions tend to run higher than normal in this type of situation. A competitive situation tends to bring the worst out of some people and unfortunately there are losers who end up very unhappy.

 To avoid the additional stress, we tell our buyers that if they like a particular home, write an offer as soon as possible. If you like a home, odds are that some other buyers will feel the same way about it.  Hesitating could cause you to lose the home of your dreams or have to enter a bidding war for the chance to buy it.

When it comes to multiples, understand that they do exist in all price points and could happen at any time. Having an experienced agent guiding you through the process is critical here.

 

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Here are some of our others posts that may interest you as well:

One Question That You Absolutely Must Ask Your Clients

5 Reasons Why Using A Local Agent Is Better

Cool Virtual Tool To Help Pick Out Paint Color

Is Social Media Killing Confidentiality?

Real Estate Agents Are Not Just Door Openers

 

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About The Authors:

Dan and Amy Schuman are agents with Howard Hanna, the area's largest real estate company. They live in Solon Ohio and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.

 

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Multiple Offers Are More Common Than You Think is the property of The Schuman Team and may not be duplicated or used without their written consent. ©May 2012

 

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Comment balloon 5 commentsCheryl Ritchie • May 23 2012 05:12AM

Comments

Buyers would be foolish to think bidding is dead. I can show them on my own listings.

Posted by Terri Poehler, Coral Springs Real Estate Agent (Realtor) over 7 years ago

Hi Cheryl,

Thanks for the re-blog.  It's a great topic and should be explored and read.  I personally love multiple offers on the seller side, buyers side...not so much.  I have a multiple offer form that I make all agents and buyers involved sign.  It simply states that we are all in a multiple offer situation and gives a time frame for their "best offer" if they choose to change it.  It works really well, everyone knows where they stand.

Posted by Cindy Edwards, CRS, GRI, PMN - Northeast Tennessee - 423-677-6677 (RE/MAX Checkmate) over 7 years ago

Multiple offers are alive and well here in Central Florida too.  Buyers are trying to lowball and it is just not working out!  After losing out on a few choice properties, they usually figure out that market price is market price and offers should be their highest and best offer.  However, despite our telling buyers that, some just don't listen and have to go through the frustrations of losing good properties.

Another issue here is that our inventory is very low.  If buyers don't make the time to look at new listings quickly, they are often pending before they make the time to visit the property. 

We just have to keep educating customers to position themselves to get the property they want to contract and close.

Posted by Dee Toohey, Broker, ABR, AHWD, CIPS, FMS, ePro (Innovative Realty Solutions Group) over 7 years ago

I have been on the receiving end of multiple offers a couple of times over the past month. The times are changing!

Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) over 7 years ago

Hi Cheryl just wanted to stop by, we have not seen this in so much but on a few homes but when they do happen we just negotiate.

Posted by Charles Stallions, 800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl. (Charles Stallions Real Estate Services ) over 7 years ago

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