What Should Home Buyers Not Expect in a Multiple Offer Situation?
If you are looking to purchase a home in Wellington Florida or the surrounding area there is a strong possibility you will find yourself in a multiple offer situation. While the Wellington real estate market has slightly shifted and is technically a buyer’s market, we still have a shortage of home inventory, which is making multiple offer situations commonplace.
Over the last two years, I have been involved in more multiple offer situations than I can count, as a listing agent and buyer’s agent. While some parties have certain expectations or preconceived notions about multiple offer situations in my experience there are a few things home buyer’s should not expect.
What Should Home Buyer NOT Expect in a Multiple Offer Situation?
DO NOT EXPECT to be Notified of Multiple Offers!
While some sellers will disclose they have received multiple offers and give buyers an opportunity to submit their “highest and best” offer not all sellers will.
DO NOT EXPECT the Seller to Counter Your Offer!
Not all sellers will counter an offer especially when they have multiple offers on the table. In my experience, if a seller requests “highest and best,” but did not receive all of the terms they were hoping for they will counter ONE offer, not all ten offers they received.
If you only need a 3 day inspection period don’t put 7-10 days because that’s the “norm.” I have seen countless buyers with the highest price lose in a multiple offer situation because their secondary terms were weak; escrow, contingencies, contingency periods, etc.
DO NOT EXPECT a Full Price Offer to Win!
Buyers and even some real estate agents are shocked when their full price offer or even above full price offer was rejected by the seller. Not only have I seen buyers offer above market value on my listings, but my own clients have also done the same in hopes of having their offer accepted. Seeing a property listed for $150,000 and selling for $175,000 is not uncommon when there is a lack of home inventory.
DO NOT EXPECT the Seller to Wait!
Time is of the essence in real estate. Even if the seller has been told you will be submitting an offer don’t expect them to wait for you. I would never count on a seller waiting for your proof of funds, for your family to view the home before submitting an offer, or for you to update your offer. Once again time is of the essence in real estate, so be ready, willing, and able.
Multiple offer situations can be extremely stressful on all parties involved, but unrealistic expectations can make it even harder. If you are looking to buy or sell your Wellington home contact us today! We will guide you through the entire process from start to finish and educate you along the way.
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About the Author
Top Wellington Realtor, Michelle Gibson, wrote: “What Should Home Buyers Not Expect in a Multiple Offer Situation?”
Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell, or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.
Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.