How To Win A Multiple Offer Situation

Dated: 10/11/2019

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Yes, we are still seeing multiple offers being bid on homes, but these homes are fewer and far between - but priced well.  It is so important you hire a Realtor that immediately knows a deal when it hits the market and informs you!  I often do Deal Alerts on my facebook pages Charleston Real Estate Therese Jenkins  and Daniel Island Condos For Sale

Here is the scenario and how I win the bids:  This is assuming that you 110% pre-APPROVED and your lender can move quickly -

The listing agent informs me that there are now multiple offers on a property that you love, we were just about to write the offer!  Now, things change - there is NO room to bargain, or lowball, or get "a better deal than asking price".  We need to make the offer as CLEAN as possible.  You should offer at MINIMUM $1,000 over asking price.  I recently had a transaction where we offered $20,000 over asking price, and we won, AND it appraised at that price!  So remember, there is always the appraisal contingency (unless your offer is cash, you can choose whether or not to obtain an appraisal, even if financing you can choose to waive the appraisal, but you will be on the hook for the difference). 

I also now call the listing agent and let them know we will be submitting a VERY CLEAN offer, but I also like to ask questions, and let them know that I move very quickly with proceeding with deals to remove contingencies as soon as possible - by this time, I have also called my local home inspector (you do not have to use him, you can use whoemever you like) but I let the listing agent know that I have an inspector lined up for the very next day!  AND, the lender is READY to move forward with your underwriting, and order the appraisal TOMORROW!  

We do not ask for Due Diligence time frame, we use the Home Inspection Contingency on the Agreement To Buy and Sell, this still gives you inspection options, and options to request repairs, and/or cancel the transaction if the seller refuses repairs as outlined in the Home Inspection Contingency regarding plumbing, structural, electrical, etc.  

"In the event repairs are necessary to place the heating systems, air conditioning systems, electrical systems, plumbing systems, water supply systems, water waste systems to be conveyed in operative condition, to make the roof free of leaks, to address environmental concerns and to make the improvements structurally sound (Repair Requests); the Seller shall be Delivered Notice in writing of the specific defects or deficiencies no later than 2 Business Days after the Repair Procedure Inspection date mentioned above.

If the Buyer fails to notify the Seller within this timeframe, Buyer shall have waived any and all rights under terms of this section. If Lender's commitment requires any additional inspections or certifications, these are to be provided by the Buyer. Buyer at Buyer's expense shall have the privilege and responsibility of inspecting the structure, square footage, environmental concerns including but not limited to mold, radon gas, lead based hazards including lead based paints, wetlands study, appurtenant buildings, heating systems, air conditioning systems, electrical systems, plumbing systems, water supply systems, water waste systems, as well as, appurtenant equipment or appliances."

 We do NOT ask for Home Warranty or Closing Costs Assistance, and I ask the listing agent what time frame to close works best for the seller and we try to accomodate that.  If the seller needs more time to find a place to live, perhaps we can close and rent back to the seller to make that possible, the scenarios are unique to your situation, but the bottom line is the more accomodating we can be the best chance we have to win. 

As always, I am here to answer any questions!  And remember, my services are FREE to Buyers!  And, my services are FREE to SELLERS until the transaction closes!

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Therese Jenkins

Thanks for visiting my site! A brief overview about me - I have been a Realtor and Broker for over 22 years, with my career beginning in NYC in 1996. While there, I worked with corporate relocation ....

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