Tuesday, May 23, 2017

A Look Behind The Curtain As To How The Process of Multiple Offers Go From A Seller's Point Of View

We just accepted an offer on my listing on Enadia Way and I will give you a little insight as to how this process goes from our side when I get multiple offers.  This should be a very interesting read for the buyers out there wondering how this process looks from the seller's point of view. 

Every transaction is different as every seller and buyer's needs are different.  I really try to tailor each transaction to each clients' particular needs while staying in-tune with what is going on with the market.  I knew when we put this house up on the market that there was a deep shortage of homes that were move-in ready in the price range.  The sellers and I agreed on a price to list it at that would most likely draw in multiple offers. Along with pricing the home I did a lot of pre-market advertising including paid Facebook ads, a "coming soon" sign in the yard, Newsletter emails and going to office meetings to pitch the upcoming listing. This type of advertising gets the attention of buyers and their agents who have been out looking for a home just like this and allows them to plan to come see the home as soon as it hits the market.  The sellers have small children so I knew that showing appointments throughout the day and evening would be challenging.  We decided on 3 back-to-back open houses to try to consolidate the showings and make cleaning up and vacating the home a little easier on the family.  We had a huge crowd of people for each open house.  It's not always possible for buyer's agents to join them for open houses however, if a buyer is interested, it is always a good idea for the agent to reach out and ask what they seller is looking for and what to expect when submitting an offer.  I had a number of agents speak to me about this.  While it is still a strong seller's market and buyers are putting a strong effort into getting a home, it benefits no one to try and "wheel and deal" with prospective buyers.  I've seen strong buyers walking away from putting in offers or countering offers when it is perceived that they are being toyed with.  For this reason, I asked the buyer's agents to submit their best offer and we would just choose one.  It is very common these days for multiple buyers to submit offers and then receive a Multiple Counter Offer back that says "Best and Final".  This means you are blindly bidding against yourself and/or other buyers.  This can irritate many buyers and leaving them feeling at the mercy of the sellers.  It is my personal opinion to try to start off a transaction on a positive note and so that's why we did it this way instead.  We received at least 6 offers, some great, some good.  I don't just read offers for what they say the price will be, but also, how well the offer was put together.  I personally find it Very important that buyers work with agents that really know what they are doing because when they don't, it can show up right away in things such as how the offer is written. And the way in which a buyer's agent engages with me also makes a huge difference.  Best case scenario is to try to get a buyer with a good offer and an agent who seems to be professional and knowledgable.  I also prefer that buyers work with direct lenders.  They have more control over how the loan will go and although the loan process is a very behind-the-scenes thing, it can be very tricky and a seasoned direct lender will know how to navigate foreseeable problems the best.  In my experience, if you have a good agent and a good lender, that can speak volumes and sometimes go further than the price of an offer.  So we choose the offer we felt was most appropriate and from here on out, we hope for the best.  I hope this gives some good insight to buyers out there on what to do, or how things work from the other side when you are in a seller's market.
 If you or anyone you know is looking to buy or sell a home, please give me a call. I'm always here to help.  

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