Man­ag­ing mul­ti­ple of­fers

Whitsunday Times - - REAL ESTATE -

SOME­TIMES when you put a bid in on a prop­erty, the agent may come back to you and tell you there are mul­ti­ple of­fers on the ta­ble.

Mul­ti­ple of­fers is how we de­scribe more than one writ­ten of­fer (not ver­bal, it must be in writ­ing) for a prop­erty at the same time. It can be some­what dis­heart­en­ing to learn that some­one else has their eye on your dream home, but don’t be dis­cour­aged, there things you can do to im­prove your chances.

Here are some ideas to give your­self your best chance:

1. Don’t let some­one else buy the home for a price you’re pre­pared to pay. Pride, tac­tics and games­man­ship have their place but the mar­ket bal­ance is swing­ing back to­ward sell­ers and if there is an­other of­fer on the ta­ble you might need to sub­mit your best of­fer first. Go all in and make sure you aren’t left won­der­ing if an­other $5000 would have got the job done.

2. Re­mem­ber that price is only one part of the equa­tion. Be pre­pared to of­fer a solid de­posit; ask the agent what set­tle­ment would best suit the sell­ers; talk to your bank about a cash of­fer (ev­ery­one who bids at auc­tion is do­ing this) or at least show the agent your pre-ap­proval let­ter. And leave those spe­cial con­di­tions off the con­tracts un­less they’re crit­i­cal to you.

3. Use an odd amount. You need to do what other buy­ers won’t do, so try $552,000 in­stead of $550,000.

4. Be open with the agent but show them you’re no mug. Ex­plain how you ar­rived at your of­fer and give them in­for­ma­tion and ex­am­ples they can pass on to the sell­ers. Agents know if you’ve made a writ­ten of­fer you’re emo­tion­ally in­vested in the prop­erty, but eye­ball them and tell them you have a limit (even if you need to gag your part­ner who’s ready to give up your first-born if it will end the tor­ture of Satur­day open homes).

5. Set a time limit when your of­fer will ex­pire. Two to three days is a good limit. The seller needs to know you have other op­tions and will walk away if they spend too long de­lib­er­at­ing over your of­fer. It’s sen­si­ble to ne­go­ti­ate but it’s also im­por­tant for your san­ity to have an end-game in sight.

6. Be pre­pared to pay more than the ask­ing price if you feel it’s worth it – re­mem­ber it’s a no­tional start­ing point and in a ris­ing mar­ket other buy­ers may feel it’s worth more.

PHOTO: WAVEBREAKMEDIA LTD

UN­EX­PECTED: Deal­ing with mul­ti­ple of­fers on a home you want can be un­nerv­ing.

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