How Easy is it to Compete with Multiple Offers?

Well, we're back! Or the market is, I should say. And we're seeing a lot of multiple offer situations on both our listings and with those buying.  So how can buyers really make their offer stand out from the crowd? Or the pile of offers, I should say?How Easy is it to Compete with Multiple Offers?

You might be surprised that sellers don’t always go for a cash offer. All factors have to work together for an offer to be appealing to sellers. If sellers receive multiple offers they need to weigh all of the variables and terms of the offer to determine which makes the most sense for their situation.

A cash offer might be the best offer but if there are multiple contingencies and addendum’s attached it may no longer be appealing. The terms and contingencies can really affect whether a seller will accept an offer or not. If the buyer must sell a current home or real estate in order for the transaction to close, sellers may be more inclined to go with someone with a conventional loan offer and no contingencies.

Is talking with the sellers and appealing to their emotional side in the buyer’s best interest?

This could go either way. More often than not, sellers and buyers don’t communicate directly. Any communication is typically done through the buyer’s agent and the listing agent. This keeps things on the up and up and verifies that any communication is in writing rather than verbally agreed upon.

Sometimes a letter to the sellers can appeal to their emotional side but not always. Although it’s not a bad idea, it’s not always something that will get accepted. But, buyers can certainly try by sharing any commonalities that they may have as far as kids in the same school district, the plea for first-time homebuyer acceptance, and any other information that might sway the seller to accept one offer over another. Even mentioning information about the house itself and how much buyers love how well it’s been may or may not hit a seller’s soft spot. It certainly couldn’t hurt though.

One of the best ways to compete in a bidding war when there are multiple offers on one home is to have an experienced buyer’s agent that not only knows the market but knows what sellers are accepting these days. A Portland real estate agent that deals with both buyers and sellers can see how the transaction plays out on both sides and may be able to offer insights and tips on particular offers, sellers and homes.

Our advice is always to trust your agent, but not every agent understands multiple offer situations. Only an experienced agent that is well-versed in all types of markets can navigate the confusing and slippery slope of multiple offers. 

Your agent needs to communicate with the listing agent. That agent may offer some tips and helpful advice as to the seller and how they want the offer. Just throwing an offer out there hoping is sticks is not the best approach. Communication, direct involvement and close monitoring can help buyers construct an offer that will get some attention.

You want the best agent whether you’re buying or selling. Knowing the Portland real estate market, the buyers, the sellers and the neighborhoods is my job. Don’t waste your time with someone from out of town that may not understand how negotiations work in the Portland Metro area. Call me today and let’s find out how we can make your home buying or selling dreams a reality.

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