Tuesday, November 10, 2015

Story of the Week in My Real Estate World !

Multiple offers. Ugh, love them as a listing agent, hate them as a buyers agent.

Love/Hate relationship, you see?!?!?

As a listing agent I cover my clients butt by writing tight counter offers. Particularly if the buyers are writing way over list price, or over a comfortable appraisal amount. 

As a buyers agent, it's like shooting in the dark. With a crooked arrow too. We generally have absolutely no idea where the other offers are at. Higher offer amount, better terms, represented by the listing agent, using their preferred lender? Will other buyers remove their appraisal contingency? Sign off on repairs now vs. later? Say they are putting more money down to get accepted, then change financing part way through escrow?

It all really boils down to how much the buyer wants the property. Are they emotionally invested? Are they tired of getting beat out? Will they pay 10k over appraised value so they don't lose this one? Will they truly take the house AS-IS? What scenarios that I suggest will they feel okay following?

Truly....a Love/Hate thing with these multiple offers!

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