Multiple Offers: This too shall pass
Buyers: Fear not! Multiple offers are a reality today, and while competition is tough, it can be managed. Expect that you may lose one or two before winning. Get prepared and resolved about what you need and where you can compromise. Knowing value from recent sales is critical.
Sellers: most sales don't involve multiple offers. You should understand and prepare for them, it but not necessarily expect them. If it happens, the buyers will each offer different terms, so choosing the best isn't usually obvious. They don't all close, so buyer motivation and qualification matter. Sometimes countering one near perfect offer can make it perfect. Sometimes it makes sense to accept a backup offer too.
Buyers and sellers should choose an agent with a process to help 1) understand what's going on in the market, 2) teach the best tactics of working through a multiple offer scenario, and 3) manage the stresses as they unfold. Ask agents about their process. It should include elements of workable timing, skillful use of contingencies, well-grounded pricing strategy, and clear communication.
Financing is also a key for both sides. Buyer terms vary widely on financing and having a reliable local lender can make or break a deal. I use a very specific set of vetting questions on any preapproval my sellers receive. This definitely shakes out the weak ones.
Buying or selling, your best course is finding the right agent to strategize for success. Call me today for a free consultation!
Mike Hall
Hasson Company Realtors
15400 SW Boones Ferry Road
Lake Oswego 97035
503-341-5915
