Today I’ll be discussing important information about multiple-offer situations that homebuyers in the market need to know.
If you’re a homebuyer and you find yourself in a multiple-offer situation, you’ll likely find yourself facing one of two different situations: The best and highest offer is set to be due at a certain day and time, or the initial offer is due one day, and the best and final offer is due the next.
It’s really important that you tackle both these scenarios in a similar fashion. Here are a few things you need to keep in mind when navigating multiple-offer situations.
First, the highest offer isn’t necessarily the best one. Other factors can make or break an offer, such as the closing date, the money down, mortgage contingency, the amount of mortgage you are applying for, and how far you’ve gone in the approval process, whether or not inspections are limited to major defects, and whether there are additional contingencies attached to the offer such as a home sale contingency. All these factor into the total picture of the offer presented.
Attaching a personal letter also can make a difference in letting the seller know who you are, and why you love their house.
Additionally, here’s a question we ask our clients: “If you found out tomorrow that the home sold for $1,000 more than what you offered for it, would you be upset, or would you be satisfied that you gave your highest number?”
If you find yourself playing the game in your head where you continuously creep up to a higher number with your offer, you’ll eventually reach a limit. Ultimately, it’s not about winning or losing—it’s about leaving the situation with no regrets knowing that you bought the best home you could or knowing that you made the best decision by not buying that home.
For personal guidance on navigating multiple-offer situations or if you’re looking for a home in northern New Jersey, feel free to reach out to us. One of our amazing agent partners would love to sit down with you for a consultation.
Join us for our next Home Selling Workshop in Millburn this Thursday, March 21st – 7 PM. http://sueadler.com/events