Have you ever heard a Realtor talk about being in a “multiple offer situation?” This means that two or more active offers exist on the same property. The offers may have come in at the same time or within a day or two of one another. Sometimes, the buyer or seller is considering a counteroffer when a new buyer enters the picture. In today’s tight real estate market, multiple offer situations are more common than ever. In fact a seller may find themselves in a situation where three or more purchase offers are presented simultaneously. This scenario can make buyers and sellers anxious, and understandably so. Buyers don’t want to overpay, and sellers don’t want to make the wrong choice. How can all parties to the transaction handle a multiple offer situation in the best way possible? The following five tips will help.
The real estate market is cyclical, emotions are involved, and every transaction has its ups and downs. Home inventory has tightened-up in recent months and multiple offer situations are common today. Don’t panic. Work with a seasoned real estate professional. Make sound choices and know your limits. You may not get the first property you try to purchase, but with financial preparedness and a good agent on your side, you will eventually find (and buy!) your next home.
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