How Should You Handle Multiple Offers in Northeast Ohio?

Selling in Northeast Ohio? Free home value report right here
 Buying in Northeast Ohio? Click here for full MLS access. 

Whether you're buying or selling, there's a good chance you'll be involved in a multiple offer situation in our busy market. Today, we want to share some advice on how to handle yourself in these situations, so that you can get the results you desire. 

The market is incredibly hot in Brunswick. Some homes have multiple offers before the doors even open for showings! If you're a buyer in this situation, you need to be aware of the multiple factors at play. Offering the highest dollar amount isn't always the best way to get your offer accepted. The type of financing you have and your flexibility on the closing time are both crucial factors for sellers. Additionally, the size of the down payment will play a huge role in whether the sellers accepts your offer. 

It's important to remember that cash isn't always king. Back in the day, many people assumed cash would speak louder to sellers than financing, but the only time it has a real advantage is when the seller needs to close within 15 days. If you have a full pre-approval, as opposed to a pre-qualification, the seller will know that there will be no surprises in the transaction. 

If the home of interest is hot and many other buyers are interested in it, writing a personal letter can set your offer apart from the competition. Appealing to the seller emotionally will really help the case of the buyer.

If you're selling, should you accept the first offer you receive, or should you wait and try to generate better offers? 

It really depends on your circumstances. If it's the right situation, with the right offer, there's no reason not to take it! 
It's important to be courteous to the buyers and communicate with them about the state of their offer. You don't want to take advantage of a buyer and end up missing out on an opportunity. 

There are some circumstances where the highest offer isn't necessarily the best! When working with a great listing specialist, they are going to lay all the pros and cons of each offer on the table for you. They will help you to get all the necessary things in line in order to make the right decision. The best buyers are the ones who have their proof of funds or pre-approval in order. You don't want to take the highest offer if the person who submits it can't prove they have the money to make the deal go through.

If you have any questions about handling multiple offer situations, or if you need real estate assistance of any kind, give us a call or shoot us an email. We would love to hear from you! 

No comments :

Post a Comment