It is a common misconception that multiple offer situations do not exist in a buyer’s market. Although there certainly are not as many instances of multiple offers, the situation does exist, particularly in the case of foreclosures and short sales.
If you are caught in a multiple offer situation as a buyer for a Jacksonville Beach home, then there are some things you should know:
- Don’t panic if your offer is not the first one. If you want to put an offer in on a Jacksonville Beach home that already has multiple offers, you’ll first want to decide exactly how much you want the home before submitting your offer. When the offer comes in is not as important as the offer itself.
Aside from the offer price, you’ll want to pay close attention to the amount of contingencies you place on the offer. For example, submitting an offer with a contingency that you must first sell your home will likely result in you losing out on the home.
Being preapproval for a mortgage is highly beneficial to you and will prove to the seller that you are serious about buying the home, so don’t submit any offers until you have gone through the preapproval process.
You may also want to have your real estate agent ask the seller’s agent what types of terms the sellers are looking for. High down payment? No contingencies? Closing dates? You’ll want to take all of this into consideration when placing your offer on the Jacksonville Beach property.
- The seller may come back to the negotiation table and ask all potential buyers to submit improved offers. It is possible that another buyer can swoop in and snatch the home out from under you, so respond quickly to this request and provide the seller with your best offer.
This is usually the time to remove small contingencies, such as repair costs. Don’t, however, put in an unrealistic offer that compromises your wants, needs and budget. There are always more homes on the horizon!
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