What can give buyers the edge in multiple-offer situation? One of the benefits of working with a qualified real estate agent is the advantage of experience when competing with other buyers. An experienced agent will know how to help you write a deal that gives you the edge over the competition. Briggs Freeman Sotheby’s International Realty asked its expert agents how they’re dealing with multiple-offer situations. Here’s what they had to say: “Having an experienced agent who has been in this type of competitive situation before really helps with understanding how important it is to make an offer that stands out – and not only for the offer amount. Paying attention to the logistical side of the contract makes for a stronger deal. We’ve won a lot of offers not on price, but because we were able to create a good situation for the seller.” “It’s about giving the sellers what they want, and often that involves more than just the offer amount. In a competitive situation, contracts with fewer contingencies or very short contingencies are important. Option periods are shorter and include a more significant amount of money.” “If a buyer can write a cash offer or make a no-contingency contract – anything that makes things more favorable for the seller – that’s all the better. We’re seeing contracts that allow the sellers anywhere from a few days to several months in a home after the sale, sometimes at no cost to the seller. It’s best to have your agent call the selling agent to get an understanding of the seller’s needs, so you can accommodate them in the offer.” “There are several key components to an offer. Price is not always the most important component. A good agent will know the variables and be able to find out what is important to the seller. Focusing on the house value is key. It is better to lose out on a home than to pay so much that it stops becoming a great deal.” President and CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. For additional information, see briggsfreeman.com.
About The Author
Tod Franklin Realtor®
Realtor®, Broker, Owner and multi-million dollar producer at DFWCiityhomes