As a buyer, the one thing that makes you suspicious is when you come to know about an existing offer already being made by the listing agent. If you have come across such situations many a times, you might feel sceptical and suspicious. The feeling intensifies when you ask about the details of the offer but get a bland reply from the agent about not disclosing the offer at all. A general impression of this is that the agents usually do that to rev up the prices.
House hunting is usually a stressful process for buyers, especially when the real estate market is hot. The sellers tend to offer competing rates for the same properties when multiple buyers vouch for them. Multiple offers may always happen in other real estate market conditions though. Here are 5 ways to deal with competing offers.
Judging the seller’s market
Sometimes, homebuyers may feel whether it is worth trying to sneak into multiple offers in the seller’s market. When times are favourable, it is not unusual for the seller to receive over twenty offers when the inventory is pretty low. So, homes in Kelowna luxury real estate may sell faster when buyers find them a good fit for their requirements. As a home buyer, you may be the one to make the winning offer but keep a few things in mind before presenting the offer you can afford. Sometimes, the situation turns pretty simple when one buyer presents the highest offer. Do not refrain from making the strongest offer when other buyers make low offers purposely. Making the strongest offer puts you in good light as it shows that you are genuinely interested to negotiate the prices and are eventually buying.
Working with the seller
The multiple-offer scenarios differ from each other and that is why you must tell the agent to let you communicate with the seller directly when dealing with Okanagan homes for sale. Remember that communication is one of the basic aspects that will help you to make the offer stand out from the rest.
Why pre-approval is more favourable?
Getting pre-approved is the right way of approaching the issue of buying a home that comes with multiple offers and negotiation of prices. Obtaining pre-approval may mean the lender collecting an entire fact sheet comprising the credit report, collecting pay stubs, bank statements, and the confirmation of employment status. The pre-approvals are as good as committed agreements and are subject to bank appraisal. A pre-approval may make a huge impact on making the seller interested in the offer.
Are you making an offer to buy Okanagan houses for sale near the waterfront? Who can forget the pacifying quietness of owning a lakeside property? Make sure you avoid several contingencies and reduce them to a few. That way your offer may become more desirable than the rest. For instance, you may waive a home inspection to make your offer sound more appealing to the seller. Wondering whether that would be the right way to ensure that your money is well invested? Trust the property dealings from Justin O’Connor Group. They have been into listing verified properties that are deemed safe. So, you will never face the odds when trusting them for property dealings.
Steer clear of bidding
The first thought to plague your mind when dealing with multiple offers is getting involved in bidding with other buyers. Even if it is your opportunity to invest in a dream home, try to stay level-headed and steer clear of bidding. Bidding usually revs up the price of the home. So, you must avoid putting your family in any form of financial binding.
Tackling the appraisal gap
Things may turn complicated in little time when appraisal is lower than the original listing price of the buyer.
Secure a backup
Suppose you could not present an attractive offer to the seller and they switch to another buyer. Do you think it is the end of your journey to buying a dream home? Don’t lose hope as yet. If the second buyer moves out of the deal, you will be the one to be contacted by the seller.
A lot can happen when sellers get multiple offers for the same properties. It is another reason why you should vouch for offers from genuine listing agents and trust realtors who have been exploring the real estate market for long.