Something that can be a big surprise for a potential home buyer is being confronted with a multiple offer situation when you don't expect it. Our current market, Spring 2018, is rife with these situations as there is currently a very low inventory of available homes for sale in combination with a far greater number of potential buyers. Here are some hints to consider if you find yourself in this situation:
1. If a property comes on the market that you could be interested in, look at it as soon as possible if not immediately. There are other buyers out there in the same situation as you who want to buy but can't find a home. Make sure your agent has you set up on a notification system that sends you an email each time a home matching your requirements hits the market.
2. Make sure all your mortgage loan preliminaries have been taken care of and that you have a written pre-approval letter from your mortgage lender. If you can't prove financing, your offer will be discarded.
3. Be prepared to present a strong offer. Sometimes there will be multiple buyers considering a home at the same time and even though you may be first to submit an offer, if other offers appear before yours is accepted, you'll find you and a multiple offer situation. You'll be asked to submit your last and best offer. This is where you'll have to make a decision.
4. Don't let your emotions cloud your judgement. This is a business transaction. You must decide if you really want the home or not and what you're willing to pay for it. Then you have to accept the outcome.
5. The good news is that there are always more homes coming on the market. Even if you miss out on one, something just as good might be ready to pop up next!
6. If you really, really, really want a particular home. You might try writing a letter to the seller telling them how important the home is to you and your family.
There are a lot of factors that go into the sellers decision about which offer they will accept. Things like cash offer vs conventional loan vs goverment loan (FHA, VA, USDA), terms of possession, inspections, etc. can all affect the sellers decision.
We've been doing this over 30 years and have been through markets like this before. An experienced agent can be your best asset in this situation. Call us at 419-779-6229 and we'll be glad to help!
Kelley Knitz has been a RE/MAX agent for over 26 years and is in the RE/MAX Hall of Fame and is a long time member of the Toledo Board of Realtors Million Dollar Club.
1911 Indian Wood Circle
Maumee, OH 43537