The idea of “Multiple Offers” or, as some say,
“Bidding Wars”, often strikes some fear into Buyers.
A multiple offer situation though is really nothing to worry about
if you know and understand both the process as well as the local real estate
market.
Sometimes a listing agent will price a property intentionally on
the low side and then set a date when the Seller will review offers. This allows
the house to be viewed by Buyers for several days with the hopes of getting
more than one offer on the offer date. In a sense, it almost becomes like an
auction.
Buyers interested in bidding on the house will submit a bid, not
knowing what the other competing offers are. The Listing Agent must
inform all parties of the number of offers, however.
Lately though, I have seen situations where the Listing Agent was
holding offers until a certain date and then received none. In this case
the Buyers are saying ‘we don’t think this property is worth more than the list
price’.
As a Buyer it is so important to be working with an Agent who has
a deep understanding of the local market and who can advise you on pricing.
Visiting several properties also helps a Buyer to get a good handle on
house values too. You will then be able to recognize when a list price
has been set intentionally low. You will also understand better what fairAccording to many people, drugs such as kamagra tablets do however has some novel gimmicks, for example, diverse flavors, speedier activity and the way that it is produced in http://robertrobb.com/trumpism-is-new-poor-pat-buchanan/ discount levitra advantageous fluid filled sachets for simple utilization..
market value would be and not be worried so much about bidding higher than the
list price.
A Buyer Agent can also tell you more about pre-offer home
inspections and mortgage pre-approvals so that you can minimize your risk and
move forward with a strong bid when competing with other offers.
If you have any further questions about ‘multiple offers’, ‘holding offers’, ‘list price versus sale price’ or anything else real estate related, please don’t hesitate to contact me.
Natalie French, Salesperson
Sutton Group-Select Realty Inc., Brokerage
Direct: 519-636-7827
natalie@nataliefrench.ca
