So you put up your home for sale and because the realestate agent priced your home correctly, to the market, you got multiple offers.
Just great, right? It's every sellers dream to get multiple offers on their home.
But, be careful. There are pitfalls that you have to be aware of.
Here is an example. My seller, after the first weekend of showings gets 15 offers!! Wow! A little overwhelming. Where do you start? Offers are not all about price. There are other things to consider. Closing dates, subjects (conditions), buyers profiles, and general attitude of the buyers agent and buyers themselves if you get a chance to meet them.
Back to my seller. We have set the time for all the offers to be presented or sent in, and just before we are about to do that, an offer comes in at $17,000 over the best offer on the table. What would you do? Would you take the offer or look into it a little deeper.
Against my recommendations the seller took the last and highest offer. I warned the seller that the offer was contingent to one more party looking at it, and had financing conditions that some of the other offers did not. To me it looked a little flaky.
You see, when you get an offer accepted, as a buyer, you are in control for the period of the condition dates. Seller can't do anything. He has agreed to the price and must wait on the buyer to make up his mind if they are to proceed with the sale.
There were some good and fair offers, over the list price that to me were more genuine than the high priced offer. Don't forget, if you are the seller, in a multiple offer scenario, the buyers in most instances push their limit and offer more than they would normally. It is important that all offers are looked at very carefully. My seller got carried away and fell for the highest offer.
As it turns out, the buyers did not remove their conditions and walked away.
Now what? Call everyone back and tell them the property is back on the market. The excitement is over and now the buyers are taking a different look at the property. Why did the buyer walk? Is there ab problem? Maybe we offered too much in the first instance?
All these thoughts are running through buyers minds.
The best time to make the deal is the first time you get an offer. If there are multiple offers, as a seller. be very careful and take your time in looking at all the offers. In the end a few thousand dollars more or less means nothing.
If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-506-8481 or email me at jeff@jeffreystark.net
