No other topic is seemingly so searched on google, as multiple offers on a home, these days.
Heres my take...for what its worth.
Dont let the stage production take you in. This is a chance for sellers and agents to get something going.
Act 1:
Listing appears and the (drum roll).."Offer Date" appears. Buyers get excited and nervous.
Act 2:
Sellers provide preinspection. "Hurry Up Offense".
Act 3:
Showings begin. Typical pattern begins. Agent open house followed by showings, a weekend of open houses and the offer date
Act 4:
Listing Agents update listing with a time for offers to be registered.
Act 5:
Offer day comes.
Act 6:
Buyer Agents call to find out how many offers are coming in and keep nervous buyers abreast.
Act 7:
Offer Time. Anxious buyers and their agents park in a row or line up at listing agents office
Act 8:
Agents present. Buyers wait to find out if they get to make it to second round.
Act 9:
Crown the king and queen. "We have a winner"
Act 10:
Most parties leave beaten up and their agents leave knowing their work is still cut out (some are okay with that, others are scarred!)
Heres the thing. This isnt new folks! When you were in school, you competed (well some of you) for the highest marks. On the soccer field you competed to win. This is a competition and the winner isnt always the winner because they played the game better or were better prepared. Sometimes somebody better suited to meet the mortgage payments, chose to stop short as they lost the idea of "value" on this particular property.
Dont let the production sweep you away. Study the market, understand value, offer what the house is worth (not to you but according to the comps); utilize the knowledge of your agent and understand that their are some benchmarking strategies.
And it wont be the last house...even in a market with seemingly not much inventory!
Good luck!!
Michael Gruenstein MBA CSC
Visit my website @ http://www.TheSmithsBuyAHouse.com
mgruenstein@trebnet.com
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