Buyers Agent Mt Pleasant SC: Winning A Multiple Offer Situation
If you are looking at buying Mt Pleasant SC real estate, then you are probably aware that it is a seller’s market. It is not unusual to put an offer on a house, only to find out that there are other offers. This is what is known as a multiple offer situation, and it can play out in a number of ways. Basically, the seller knows there are more than one offer on their house, which leaves them in a very advantageous position.
In the next few posts, I will look some things you can do to improve your offer and win a multiple offer situation.
Usually the list agent (the agent that represents the sellers) will inform all parties to make their “final and best” offer, and that the seller will determine which contract suits them best. It is important to know that in this situation, it can be difficult for your buyer’s agent to get much information from the list agent regarding the details of the contract. Your buyer’s agent can ask questions, such as “Do you have a full price offer?”, “Are any of the offers asking for closing costs?”, or “Do any of the other offers have contingencies?” However, the list agent does not have to divulge any information–remember, they are looking out for their client’s best interests. Often, they will be very vague and not offer specifics.
So, what do you do in this situation? Most people think that all they have to do is offer more money, perhaps even going above the list price. However, it is important to understand that this doesn’t guarantee that you will win in a multiple offer situation. What many people forget is the other components of the contract. There are many other factors to consider, and in the end, the seller wants the best overall contract, and not necessarily the biggest offer. Of course, if you come in low there is a good chance you won’t get the house. However, if your offer is slightly lower than the others, but your terms are better, then you stand a good shot of getting the house. Here are some important considerations when you find yourself in a multiple offer situation from an experienced buyers agent Mt Pleasant SC:
1) Earnest Money Deposit: this is the “good faith” money you put up to show the seller that you are serious about buying the house. In a multiple offer situation, the amount of money you put up for earnest can influence the sellers–if you put up a larger deposit than the other contracts, that will stand out. It may not be enough by itself to sway the seller, but it can help. By simply increasing your earnest deposit by as little as $500-$1000, you can increase the likelihood that your contract wins.
2) Closing Date: typically it will take 30-60 days to close a home sale. You may not know what the seller’s time frame is–do they want a quick closing, or are they waiting on a new house to be completed and need more time? You may not get the information you need to answer this question, but it can’t hurt to have your agent ask. Talk with your loan officer and see how quickly they can close the deal. In many cases, if you can close in 30 days or less, then that is the most appealing option to sellers. Of course, if you are a cash buyer, then that will also be very appealing to a seller–a quick close and no worries about the lender declining to fund the deal at the last moment.
Stay tuned as I explore some other options to help you in a multiple offer situation.
Here is a video about Mt Pleasant SC real estate which helps explain the current market in Mt Pleasant SC.
If you know of anyone that needs a buyers agent Mt Pleasant SC, bee sure to visit my website. You can contact me directly at (706) 490 0555. You can also keep up with the latest real estate news and stats by subscribing to my blog.