What is a Multiple Offer?
Multiple would-be buyers submit bids for the same house and end up competing for it, creating a bidding war in some cases, and only one successful bidder in all cases.
With combined record low interest rates and sales prices, short sales everywhere, how can you prepare?
Find a competent and knowledgeable Realtor – http://www.janeloveday.com
You may be competing with investors delivering contingency-free, all-cash offers, be prepared to deliver your best offer, also get prequalified for loans, have all paperwork in order and know precisely how high you can afford to bid.
Don’t low-ball - Despite market challenges, don’t automatically make offers dramatically below asking prices. If you’ve been eyeing a property that has seen multiple price reductions and you’re ready to jump, others likely have been doing the same.
Buy less - just one reason to look at property below your means is that you’ll have money in reserve to bid up if you need to.
Short sales – they can be lengthy and tedious, acceptance dates can run two weeks to six months or more.
Bank-owned property – you may be working against investors again, consider making your best offer, have a larger down payment, don’t ask for closing costs and request a shorter escrow.
I am here, I can help!
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com
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