For sellers, getting multiple offers
on a house is the common goal and a job well-done. For buyers , having a multiple offer scenario may not be the best news in the world (working with TMG can help with that, though!). Having to compete with other buyers means we will have to up the anti, and make sure we are putting our best foot forward.
So what happens when multiple offers come in—and, most importantly, what are the chances of your offer being accepted?
If Your First Offer Wasn't the Highest
Don't lose hope if your first offer wasn't the top bid—sometimes timeline, deposits, and strength of the team you work with can heavily impact sellers decision making, too. More importantly, you may get a second chance to impress the seller with a counteroffer! Most sellers will ask the buyers who made original offers for their highest and best offer by a particular time or date. That gives you time to up your offer if you really want the property. Sometimes, sellers will evalaute what is on the table, take the initial offer, and proceed. Uncovering seller motivations, seller agents timetable, etc., will help with evaluating if thre will be multiple rounds or not.
Treat the First Like Your Final
Don’t bank on being able to submit another offer, though. You may get only one shot to express your interest in a home, so if you truly love it, your first offer should be the upper limit of your budget. When there is a multiple offer scenario, we may have to rethink going significnatly under the ask value.
We will make sure your offer stands out, no matter what! The goal is to make sure you have an understanding of what a multiple offer scenraio is, and that they are not all the same!