“What?! I don’t understand,” says my confused Buyer. “I thought my offer was the only one on the table.” Having an offer in backup position is a good place to be but it isn’t the best – an accepted offer is the best.
When I am on the listing side and working with a Seller with multiple offers, I can tell you it feels good! But what about when I’m representing a Buyer and the rug gets pulled out from underneath them? Not so good.
As I take a deep breath to explain, my stomach churns. My Buyer is right, there were no offers on the newly listed house that we just toured and rushed back to the office to write an offer on. Then all of a sudden, there are 3 offers. How did that happen? Call it Murphy’s Law or coincidence, it is happening all the time! Consulting with other agents in my office, I find out that it is happening to them as well. Of course there are multiple reasons why one offer is chosen over another – the other buyer had more down payment, better FICO scores or cash. Or maybe the market is really turning around? That’s my story and I’m sticking to it!
For the past month I have been juggling 3-5 Buyers every weekend showing 10-12 homes in a day. I’m elated about this but then I start thinking, where are the Sellers? Sellers are not coming forward as strongly as the Buyers are….hmmm I see a trend here.
Houses are getting snapped up as quick as they go on the market. The best thing for a Buyer to do is to connect with the best Buyer’s agent they can find. And here I go again, repeating myself….get fully approved for a home loan. I can’t say it often enough – get a loan commitment from a bank or direct lender. Why? Because the Buyers getting their offers accepted right now are fully prepared