Winning A Multiple Offer Situation

Dated: 05/18/2015

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The latest buzzwords in real estate are "seller's market", "lack of inventory", "limited supply" and "multiple offers".  As a Buyer, it may make your head swim, but as a Seller it probably excites you. The most successful way to navigate this fast-paced market starts with hiring an experienced real estate professional; the relationships and expertise your agent has within the market can pay dividends. 

As a listing specialist, I get to review many offers presented to the Sellers I represent, and as you might expect most of these are in a multiple offer situation. It is somewhat easy to recognize the agents with experience in this area;because they present offers outside of the box, gaining more attention for the buyer. 

Usually the process to win a bid starts long before an offer is even submitted. You and your agent should thoroughly discuss your goals, market trends and know the in-demand locations. Prior to submitting an offer you should have "the conversation" - this is how you and your agent get on the same page when crafting offers and understanding the importance of timing. The North Texas area is not a sleep-on-it kind of market right now. Buyers must be prepared to act quickly when you find the right home, regardless of whether it's the first or the fifteenth one toured. 

The Dallas/Fort Worth market is trending upwards, therefore week to week the market variance can change so quickly that the immediate comps may not support where an offer needs to be. It's situations like this where your real estate professional's knowledge can successfully guide you, while protecting your interests. A well-prepared offer will not only highlight your buying power but it will also show the seller you're serious about this purchase. 

Another key factor is to be pre-approved with a local lender, one who can close quickly, communicate clearly and has a proven track record. While this may seem like a small detail, it is a crucial component to help your offer stand out among many when a seller is scrutinizing every detail. 

There is no set formula for writing a competitive offer - for some sellers it's all about the sales price but for others, the terms may carry more weight. The most important approach for a buyer is to always submit an offer based on what you're willing to pay for the home. Our Buyer's Specialists have a proven track record of winning multiple offer situations. Their techniques, coupled with their market knowledge, give their buyers great advantage. 

Contact us if you're interested in our services. We'd love to help you.

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Lisa Birdsong

Top 1% of Texas Real Estate Teams; McSam Realtor of the Year, 2016; Certified Residential Specialist, CRS D Best Realtor, 2016, 2017 Castle Hills Realtor Advisory Board, 2016; Windsong Ranch Real....

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