If you are looking to purchase a home in Wellington Florida 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.
So 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 buyer’s 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 buyer’s with the highest purchase 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!
Buyer’s and even some real estate agents are shocked when their full price offer or even above full price offer is rejected by the seller. Not only have I seen buyer’s offer above market value on my listings, my own clients have 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!
Even if the seller has been advised that you will be submitting an offer don’t expect them to wait for you. I wouldn’t count on them waiting for your proof of funds, for your family to view the home before submitting an offer or for you to update your offer. Time is of the essence in real estate!
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.