Multiple Offers: Wanting the House or Wanting to Win?

iStock_000002456195XSmall - CopyFrom time to time as a Buyer’s Agent one has to deal with Multiple Offers. Sometimes these situations are created by the Listing Realtor and Seller intentionally underpricing the property, sometimes the timing is such that a number of Buyers are in the marketplace for similar product. Hence, multiple offers…

Sometimes they are like a lottery which Buyers don’t want to play however I always suggest coming to the table with your best offer. If you never play there is definitely no chance you will win.

The advice that I always give my clients is “make sure that it is the house you really want” and that is the reason you are bidding a higher price. Be careful that you don’t get caught up in “wanting to wi”n the contest for the house. When the dust settles, if you have paid more than you want or can afford for a house because you wanted to win, you may find yourself very unhappy…especially when a lack of comparables affects your ability to get as much financing as you wanted. Sometimes when ego gets involved, common sense goes out the window…

The only caveat is this: if the property is a on a street of similar properties or a Condo complex and it sets a new level for the street or building and you don’t buy that property; you must realize that a new level has been set.  Chances are very high that the next unit to come on the market will be priced even higher then the one you just missed…

You should always feel good about where you live. Never allow yourself or others to treat your home like a commodity. You cannot live in a stock or bond.

Leave a Reply

Your email address will not be published. Required fields are marked *