Philadelphia Real Estate Helpful News and Views : How to Make a Final and Best Offer on Homes in a Multi Offer Market

How to Make a Final and Best Offer on Homes in a Multi Offer Market

 helpfulhannahs.com

Making a Final and Best Offer 

 

 Gated waterfront condos in NE Philadelphia are at a premium right now. I have a list of buyers waiting for these condos to come on the market. There was a time these units just sat on the market. This was many years ago when the Real Estate market crashed and I would write in my posts should have could have would have. Well, now these days have come and gone.

 

The last few condos went well over full price. In fact, one the buyer really liked or shall I say loved had a story of.woe. We knew there would be multiple offers. I called the buyer and we discussed what were they willing to offer as their final and best offer. We had already offered over full price but I felt we needed to offer more. They would not get a second chance. I find most people think they do get another chance. I have to explain no not with multiple offers they take the best and that is it. Done over the best offer wins. There are no second chances. We are making our final and best offer.

 

We decided to go ten thousand over asking price. It was a cash offer without any contingencies. We felt good about this offer. The condo was nice had a great view but needed updating. It was also listed under $200,000, therefore, $10,000 over asking was in our opinion a great offer. It was a really strong offer we felt really good.  

 

OFFERED  RE-JECTED 

 

The next day I received a voice mail there was a higher offer and better offer that was accepted  I want you to understand the listing agent also had a buyer and an agreement on this property. The buyer was not the listing agents. The accepted offer was from another agency. Same terms but higher price. I had that sinking feeling in my stomach. I was so upset. How could I tell the buyers they lost the condo. I felt sick inside

 

This was not the first property they have lost in this community. I had to call and tell them it just wasn't the right property for them another one was out there waiting for them. They would be so upset. I knew it would be best to make the call right away without delay. 

 

Their first reaction was we will stop looking but this passed. I am a firm believer in there is another one a better property waiting for them. After all, this one was nicer than the other properties they had lost. So we are waiting patiently for the next one. the perfect property. The one that is saying "Wait for Me I Will be on the Market Soon"

 

 

 

Are You Prepared to Do What it Takes?

 

My other clients had to go $5,000 over asking price Another cash offer they knew the fan in the bathroom needed to be replaced and the closeted door was off the track but these were little inexpensive items. Again we were in competition with other buyers. Really is it worth losing property for a fan that needs to be replaced in a bathroom they said? 

 

My client had friends living in this development. They saw a steady stream of people going in and out of this condo. They saw two people with an agent at the property for the second time. They told their friends not to play around if they wanted this unit.

 

I had shown them the condo that had sold well over  $10,000 of the asking price. They had not liked that one but this one had everything they wanted. They were hesitant in making this offer but agreed to do $5,000 over the listed price. Without a home inspection

Thankfully their offer was accepted.  They are very excited and have made the appointment to interview with the condo association to discuss the rules and regulations which they have received. Next week we have permission to from the listing agent to go back in the property and measure.

 

 helpfulhannahs.com

 

 

 

 

Are you really approved?

 

Now the Spring market is almost upon us. I am sad to think about what will happen if buyers are not prepared. There are many communities in high demand. Buyers seeking a mortgage or who have a house to sell in the Spring even now have trouble competing.

Buyers call me and say I will not have any trouble selling my house. This may be true but good luck telling that to the listing agent. If the buyer needs the funds from their house to close or does not qualify with two mortgages they have a problem. You must remember most buyers in the Gated Waterfront Communities have cash. It is true in the end the seller gets the money but cash is an easy sale with no worries for the seller. 

No worries whether the house will sell. No worries or concerns will they get the mortgage?. Cash is cash no worries a sure stress-free transaction. That is the transaction that is best for the seller. That is the fiduciary duty the listing agent has to the seller. The fiduciary duty the buyer's agent has to the buyer is to make them aware of this position they are when they go to buy one of these properties. 

 

If the buyer can prove they do not need to sell their house to buy that is a horse or a different color. Perhaps they have a bridge loan lined up. That is the same thing as they have checked it is a cash sale and not contingent on mortgage financing. Perhaps they are approved for their mortgage and not concerned so they check not contingent on mortgage financing. They do however want the property to appraise for the sale price. 

 

Most of all do not start to look without sitting down with your agent and discuss your wants and needs. Have your documents ready and proof of funds on hands so when you find that perfect place you can act on it.

 

If you decide you may need to do financing your agent has mortgage bankers that can help find solutions. These are issues that need to be addressed before searching for the right home not once we find it. Waiting until after we find the perfect house could very well especially in a hot market like this one cause you to lose the opportunity to purchase a house. There are steps to purchasing a home and this is step number one. Not the last step so let's not skip steps. Let's take it one step at a time..

If you will not have trouble getting approved for a mortgage  let's get you approved 

 

 

What is property worth?

 

Recently I had an agent that a put a clause in a cash offer that it had to appraise for the sale price. I was very fond of this agent and would have loved to have closed his offer but I had two other offers. His was the only one with this clause and his answer was "why should his buyer pay more than the property was worth"

 

My answer to him was something I learned when I first started Real Estate. It is my professional opinion and I stand by it. A property is worth what a buyer is willing to pay for it. He looked at me and shook his head and said I was wrong. I then said an appraised value was a professional opinion of value. It was not carved in stone. It could be appealed. He was very annoyed with me. 

 

To be honest I did not think it would not appraise for the value it was going to sell for. As I said it is one person's professional opinion of value. One never knows which way the pendulum swings. The first eighteen months in Real Estate worked in appraisal office so I know how it may work. He lost the house for his buyers for being insistent. He would not take this clause out of the agreement of sale. I did not feel it was in the best interest of the seller to accept his offer when we had two other offers without any contingencies 

 

When you do your best and you still do not get the property I am a firm believer it was the not the right place for you. I have been selling houses since 1985 and I have seen it happen every time. Sounds like ages ago and I love what I do finding that right home for someone gives me that wonderful feeling inside and it will give you that feeling inside when you find that special place that is home. You may be disappointed a few times and lose a couple on the way but when you find the right one it will all be worth it 

  

 Having the Best Agent for You  

 Your agent should have you set up on a portal. There is no reason you should be calling other agents because your agent is too busy for you or went on vacation. If your agent does not return your calls or went on vacation without leaving an associate to take care of you. You need a new agent. Plain and simple. You should receive a call back the same day. If you do not know what a portal is you need a new agent. Unless your agents MLS does not have this feature or it is called by another name.

 

The Portal 

Your agent sends you listings that meet your criteria. This email allows you to view the listing and respond if you would like to see it. It also gives you the ability to search the area for listings and share them with your agent. It eliminated the need for you to go to third-party sites and allows you to use the same tools we use as agents. Thus saving steps and making things easier so you are receiving much more updated information.

  

 

 

 

 

Respect your Agent 

Your agent has a fiduciary relationship with you. He is not telling you to offer over full price to make more money. The small percentage he is going to make is not worth his honor. I would hope after all this time you trust your agent. Uncle Joe, Aunt Liz and your friend down the street all have their opinions but your agent is the professional and knows the market. The truth is if the agent thinks it is not necessary they will say so. Trust and respect are needed in a Real Estate Transaction. Remember there are many areas where there is a shortage of listings. Your agent will know just what areas they are. 

 

 

 

 

The agreement is accepted

When the offer is accepted. There is still work to be done. If there is a  mortgage full application must be made. There is information that is needed to be given to the Title company. You may be asked how you want to take the title. Now don't go out and start buying everything until you settle the house. We do not want to be short of any monies.

We want to make sure we have clear title free of all leans and judgments. We can then schedule a time and place according to the contract. Finally, all that time has paid off we thought we would never find that house but we did. What a great feeling 

 

It takes patience time, perseverance and the right combination. Sometimes you get lucky and you find the right house the first time out. Everything goes your way and there are no problems. Don't think you have to keep looking. Thank your lucky stars that you made your best and final offer that was accepted. 

 

 

 

 

 

hannah williams

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Re/Max Eastern

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Comment balloon 77 commentsHannah Williams • February 25 2019 08:15PM

Comments

Hi Hannah -- in a highly competitive market, multiple buyers can't be the winners.   It's not a "game" and it's not a situation for everyone.  You're right to discuss the trust issue.  This factor and others comprise the "total picture" which is so important. 

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 7 months ago

Hannah,

Like you, we have always believed there was a better property and a better opportunity, and when we hear the scarcity mentality, we both shut down.  Great tips and picture of what is what.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) 7 months ago

Hello, Michael Jacobs , You are so right it is a very emotional time with highs and lows for both the buyer and the agent. Every detail must be weighed and thought out. Even when you thought you won you may have lost. When you finally do receive a signed agreement the high is surreal and it has all been worth it.

Thank you for your professional input 

Hannah

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

Ron and Alexandra Seigel As professionals we know there is a better house out there for the buyer. Telling them this initially does not ease the pain especially when they have gone over and above. Give them a little time and they realize it is right and we are back on track

Thank you for your professional opinion always welcome here 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

There is always something better around the corner. With that said, it makes sense to put your best foot forward in a multiple offer situation. And, we also have had buyers get discouraged, but, once they process the loss, they get back in the game. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 7 months ago

Debb Janes EcoBroker and Bernie Stea JD  We have a shortage of listings here, therefore, we have to wait until the next one appears and hope it meets our criteria. Until then we are waiting patiently.

Thank you for your professional input 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

Hi Hannah

There are some great tips here for competing in our seller's market. Just had a similar thing happen in a multiple offer situation, although the counter back to all buyers was for "best and final." You don't always get that chance.

I tell buyers to make an offer they will feel good about if they get the house, but won't regret it when driving by the home later and saying "we should have offered more." It can be a tough decision.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) 7 months ago

Our state approved escalating clause has particular rules that must be followed. I have so many agents who have to be schooled in the finer parts like what increments the price increases must escalate. I have seen several highest and best offers that say no escalation clauses. Go figure Hannah Williams 

Posted by Paul S. Henderson, REALTOR®, CRS, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) 7 months ago

As a listing agent, I'm always stunned by the lack of effort in multiple offer situations.  You call the losing offers and the agents say, "We could do better."  Really?  Express it in writing.  You don't necessarily get a second chance in multiple offer situations.

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) 7 months ago

Hannah, WOW $10,000 over asking price and they were out bid.  I can't imagine the house appraising for that higher amount, especially is the Listing Agent did an accurate  CMA before listing the house.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 7 months ago

Hello Miss Hannah Williams - Wow - this is certainly a post packed with good information.  People relate to stories.  Buyers are wise to listen to their agent who knows the market and knows what it will take to get an offer accepted. One client missed out and your other client landed the opportunity with offer acceptance.  Congratulations!  Here's to a smooth escrow and closing. 

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) 7 months ago

Hi, Jeff, We do not get the chance here to make a final or best offer, Your buyer better do it the first time. My one buyer keeps asking wasn't there times a seller came back with a counter offer? I explained to her but not in multi-offer situations they take the best and final, No second chances. So we do our best and hope our best is enough.

Thank you for sharing your professional experience Jeff  as I say a house is worth what a buyer is willing to pay for it 

Thank you for your professional input 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

Our state also has the escalation clause. It was our office policy not to accept this clause. Paul S. Henderson, REALTOR®, CRS .  Other agents were using them. This put me in a vicarious situation as their buyers would get the house and my buyer would lose. So I said it was using the clause it was my fiduciary duty to my buyer. If the listing agent did not want to except that was a horse of another color.

Thank you for your professional opinion in this matter always welcomed 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

Chris Ann  Not in today's market the agent who allows his buyer to play around with price is playing with fire. The market is hot and there is a shortage of nice houses. Come the Spring +Summer I predict the market will be worse so your buyers might as well get used to it..What do you predict? 

George Souto There was no need to worry about appraisals they were all-cash deals. The market where these condos are very few people obtain a mortgage

Thank you both. for your professional input very much appreciated 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

Kathleen Daniels, It is a very stressful market both for the buyer and the agent. You are up on cloud nine thinking your offer is in the bag. That your offer could not have been any better but you never know. The listing agent may have their own buyer. It could be an agent in their own office and some peaking in the envelope. Let's just hope for the best and wait for the phone call. Because our clients know they need to give their final and best offer. 

Thank you for your best wishes  and your professional input 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

Great advice my friend!  It is always difficult to compete against multiple offers, especially if cash offers are in the mix.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) 7 months ago

Good morning Hannah. All you can do is the best you can do. If your work with a savvy and educated buyer and theydo their best it just wasn't meant to be.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 7 months ago

Good morning Hannah.  Excellent information for those facing the possibility of competing in a multiple offer situation.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 7 months ago

Good Morning, Gabe Sanders, your opinion means so very much to me. I have learned so much from you since I started to blog in AR in 2008.

Thank You for your professional input 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

Brian England , you are so right my friend it is a situation where the buyer must decide just how much they like the property and how much they are willing to pay for it.

Sheila Anderson, I love your choice of words in the as savvy buyer. They may not have been a savvy buyer when they started the buying process, but they learned to become a savvy buyer. Doing their BEST and losing the property you are right. There is a better property in the stars waiting for them.

Thank you both for your professional opinions always welcome here 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

An outstanding post on this subject, Hannah. I was in a multiple offer situation just two weeks ago. Fortunately we were the "winners." An agent really has to know how to strategize with his/her clients to come out on top and even the best strategies don't always work because we really have no control over any other parties in the mix.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage ) 7 months ago

Great post, Hannah. 
You make so many great points and the one thing that jumped out at me was that you don't always get a Second Chance. The internet has caused a lot of people to think they MUST make a low offer at first, without taking into consideration the circumstances.  The strategy always depends on market conditions, doesn't it? Working with a full-time professional that is in tune with current market conditions is critical. 

And, by-the-way I agree with you on the destiny of getting an offer accepted or not.  There is always something else out there.  Patience is a virtue. 

 

Posted by Carol Williams, Retired Agent / Broker / Property Manager (Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals.) 7 months ago

Congratulations!  You've been Featured in the Bananatude Group

Posted by Carol Williams, Retired Agent / Broker / Property Manager (Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals.) 7 months ago

Nina Hollander, It is really a tough situation and this Spring will be even more difficult in my humble opinion. Buyers need to be educated and trust their agents. As you said in multi over situations we do not have control over the other parties in the mix. 

Thank you so much for your professional input it is greatly appreciated 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

Carol Williams, There are times and areas buyers will not be in multiple offer situations. There are areas where properties go on the market in the morning and may have several offers by the evening and signed accepted offer by the following day. These are the properties buyers do not get a second chance on. I wrote another post about buyers looking for almost two years and finally, they received an accepted offer. These buyers were patient.

Trusting your agent and working together is a must.  Their house is out there waiting for them something we both agree on Carol

Thank you so much for the honor of being Featured in Bananatude

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

Hi Hannah!!!  Great post and so true, always highest and best, sometimes it takes a loss and input from friends to get the buyers to listen.  Funny, right now we are in a "Buyers Market" here in SWFL.  

Take care and have a great week!

Posted by Christine O'Shea (Christine E O'Shea Broker-Associate) 7 months ago

Hi Christine OShea , Glad to see you also glad you appreciated the post.  Not all areas are seller's markets but the ones that are you best act quickly no time to go home and ponder for a few days.  Final and best offer as you most likely are not getting a second chance. It is funny how different areas are buyer's markets while others are sellers, isn't it? 

Thank you for your professional feedback 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 months ago

"Are you prepared to do what it takes?"  That's the operative question an agent needs to ask their buyer in a multi-offer market.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 6 months ago

Myrl Jeffcoat  Even when the buyers do what it takes it does not always guarantee that their offer will be accepted. Unfortunately, as Nina Hollander said we have no control over the other parties in the mix.

That is when they have to brush themselves off and pick themselves up realize there is another better property out there waiting for them

Thank you for your professional input it is always welcome here 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Hannah, your post offers excellent advice. We are experiencing similar conditions here and the seller coming back with a counter or even to ask for highest and best isn't happening. It's so hard delivering the news to buyers that they didn't get a property, not fun for anyone but, they have to persevere and you're right there will be an even better property coming on for them to make an offer on. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group Brokered By eXp Realty) 6 months ago

Home buyers will be in very good hands when they use your professional real estate services.

Posted by Roy Kelley (Realty Group Referrals) 6 months ago

Amanda S. Davidson  Such a difficult situation for both buyers and agents. Wonderful when the offer is the accepted agreement so disappointing when it is not. Especially when the buyer has done their best. Telling them there is a better one although we know this does not always soften the blow of disappointment the buyer experiences until they find the right property.  I really shudder to think what the real Spring and Summer market will bring for those who are not prepared for these issues.

Thank you for sharing your professional experiences 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Roy Kelley  Your professional support is always  appreciated 

Thank you for your input always welcome here 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

I am big on not sharing my secret to winning bidding wars but, I will text you! LOL Seriously, this is a FABULOUS post and Bob Stewart needs to put that little gold star by it, Hannah!

Tons of absolutely wonderful information for buyers and boy, NOW is the time - like Philly, the market is heating up like CRAZY here in Charlotte too!

Happy Tuesday!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 6 months ago

Debe Maxwell, CRS he must have been listening as the Gold Star appeared. I did learn a lesson but please text me your secret. I need to know I have a friend and she can has lost two. No way can she lose three.It will break my heart if I have to call her again with bad news 

Thank you for your professional insight 

Happy Tuesday 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Good tips on how to make an offer and better tips on how to be patient with any client! :)

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 6 months ago

I would say that a lot of people waiting for the gold star but metaphorically and this can still teach them a lot, you know? Debe Maxwell, CRS

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 6 months ago

Yippee, Hannah! I will text you tomorrow - it's after hours now! LOL

Yes, Laura Cerrano - I think a lot of people yearn for the coveted gold star here!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 6 months ago

I love this post. And will
Be sharing it with some clients who are frustrated with the speed of the market

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) 6 months ago

Great post Hannah Williams, we as agents show our buyers how their offer can be the winning one. Not all will agree to pay over asking but quickly learn.

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) 6 months ago

Great post on how to get clients to the closing table Hannah and congrats on the feature, well deserved!

Posted by Wanda Kubat-Nerdin - Wanda Can!, So Utah Residential, Referral & Relocation REALTOR (Prado Real Estate South) 6 months ago

Hannah,

What a GREAT post!! I can not count how the number multiple offer situations many of my past clients have faced. I know many, many agents tell their clients to get qualified! Many Cash buyers tend to think, that cash offers justify them offering less in the beginning, but actually  if the offered a reasonable offer at the start, they might have avoided the multiple offer, final/highest and best situation.

Posted by Paul Durry, Former Broker Associate, CDPE, CIAS, CHMS (National Mortgage Field Services) 6 months ago

Hannah!

 

All solid points!  Passing this post to my buyers agents to review! 

 

Thanks and blessings!

Posted by L. Scott Ferguson, Sunny Florida Real Estate Professional (Ask4Ferguson - Your House-SOLD Name in Real Estate) 6 months ago

Laura Cerrano I think it is more that we are patient and kind to our clients for the heartbreak they experience when they do make their best offer and still do not have their offer accepted.  As for your frequently made second comment. I have received a great tip from Debe Maxwell, CRS on how to get our offer accepted in a multi-offer situation. It was a secret I am thankful she was sweet enough to share with me. I will try it with my next agreement of sale.

Thank you for your input 

Hannah  

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Debe Maxwell, CRS  I called my buyers they were so thankful for your text and secret. They are jumping for JOY -

Thank you so much for your professional opinion so much appreciated 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Lise Howe  I also shared this with my client who enjoyed and thanked me for writing it. It is a frustrating market and the Spring market does not show much relief in sight in my humble opinion 

Thank you for your professional input means so much 

Hannah  

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Beth Atalay  Such a true statement about not wanting to offer over full price, but buyers do learn quickly once they lose an offer or two. Buyers need to trust their agent and once they do we can be a winning team.

Wanda Kubat-Nerdin - Wanda Can!  Helping our clients do what it takes to reach their goals is what it is all about. Sometimes the road is more difficult than others.

Thank you both for your professional input always welcome here 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Paul Durry  Cash is king but not if your offer is low. Not in a seller's market when inventory is low. Let's face it if a buyer is qualified and can get a mortgage why would a seller take a low ball offer because it is cash? Those days are over in the market I am dealing in. I think we both agree on the Highest and Best offer

Thank you for your professional opinion hope to see more of you 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

L. Scott Ferguson  I am happy to hear this 

Thank you so much for your professional input 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Hannah, I hate to get in a multiple offer situation. Most times it doesnt end well for me and my buyer. 

Posted by Mike Frazier, Northwest Tennessee Realtor (Carousel Realty of Dyer County) 6 months ago

Mike Frazier  Right now I have buyers that are looking in a development where as soon as the property goes on the market there is a mad dash to view the property. If it is in desirable location buyers should be prepared to give their final and best offer. I understand your frustrations. I have been there and done that.

Thank you for sharing your experiences always welcome here 

Hannah  

 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

If my buyer is insistent on owning a property in a superior neighborhood and willing to pay a premium for the cost of ownership, I'll recommend increasing the offer up to four percent of highest CMA in the area. Depending on the location and DOM, I may increase the premium up to but no more than seven percent. Great post.

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) 6 months ago

A well deserved feature. I am seeing this too. As mentioned, having no contingencies usually does the trick in my market. Some desired properties are going way over market value. Though those needing work seem to be staying around longer

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) 6 months ago

Love your "how-to" Hannah, very good. Love the video as well, great marketing tool.

Posted by Richard Bazinet /MBA, CRS, ABR, Phoenix Scottsdale. Sellers, Buyers & Relocations (West USA Realty) 6 months ago

Congratulations on the well deserved feature!

It took us a year to find "the one" right for us. My husband wanted every house we looked at. I was far more selective. This resulted in many miserable rides home from showings and open houses. I kept saying "we will find it". We did.

We were in a multiple offer situation. We were cash buyers with no contingencies, except having an inspection so we got the house.

Now a year later, my son is looking and it's been very frustrating for him and his wife. We have been attending the showings and open houses with them and it's been very disappointing what we are seeing in their price range. Finally found one worth putting an offer on...it's been on the market a long time (1800's era house with lots of old wallpaper throughout). The house isn't worth asking price. There have been no other offers. 

Offer not accepted. Sellers want asking price.

I was actually relieved. I know they can do better. I agree with you... It wasn't the one for them and I firmly believe they will find it if they are patient.

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) 6 months ago

Kimo Jarrett  My philosophy of value is whatever a person is willing to pay for a house is what it is worth to them. In these situations, the properties go on the market in the morning have agreements by the afternoon and usually, have a signed agreement within the next day or the following day. 

Thank you for your professional opinion always welcome here 

Hannah  

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

 Scott Godzyk  So nice to see you. Most of these properties are written without contingencies but as you say it does help. Some of the properties need a little updating but many people want to come in and paint and do their own thing anyway. The properties that need work do sit on the market for a short time 

Thank you for your professional experience it is appreciated 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Richard Bazinet /MBA, CRS, ABR  There have been many disappointed buyers in multi-offer situations I hope this post is helpful. Glad you enjoyed the video 

Your professional input is always appreciated 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Sharon Tara  I had a buyer who was a family member also a black sheep that I loved immensely. I explained to him that when it was the right house for him he would get that feeling inside. On the third time out looking, he was getting really impatient asking when am I getting this feeling we keep looking and I have not felt anything. Low and behold the very next house we walked into he said Hannah I understand what you are talking about I have that feeling. 

I am a firm believer your son will find the right house. It is out there calling wait for me I am coming soon.

Thank you for sharing your experience Sharon it is greatly appreciated 

Hannah  

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Offers with fewer contingencies do look better to sellers when comparing multiple offers....however I find many buyers writing these non-contingency offers don't fully understand the implications and risks.    

Posted by M.C. Dwyer, Santa Cruz Mountains Property Specialist (Century 21 Showcase REALTORs) 6 months ago

They are better for the sellers M.C. Dwyer not better for the buyers. So it is important that we educate our buyers on the risk they are taking. Also, a buyer who is not in a stable financial position should not even consider or advised to remove contingencies. Good point.

Thank you for your professional input 

Hannah  

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Hannah, fantastic post! I was taught early in my RE career the following  I don’t care what you think it’s worth, I don’t care what I think it’s worth, I don’t care what you need to get out of it! It’s worth what somebody will give you for it”.

Posted by Tom Bailey (Margaret Rudd & Associates Inc.) 6 months ago

Tom Bailey  Looks like we learned the same information on Value.  So Glad you enjoyed my Post-it means so much to me.

Thank you for sharing your professional Opinion always welcome here 

Hannah  

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Multiple offers for certain areas and price ranges are common in Kansas City.  I always stress to buyers--get your paperwork and pre qualification done up front!  Decide your top dollar and don't 'go over it.  We also have 'escalation clauses' here which I personally do not recommend for my clients

Posted by Mary Hutchison, SRES, ABR, Experienced Agent in Kansas City Metro area (Better Homes and Gardens Real Estate-Kansas City Homes) 6 months ago

Mary Hutchison, SRES, ABR  There are many offices that will not accept escalation clauses as they do present problems. I do however think we will be seeing them in the Spring and Summer months ahead. I had a seller who specifically said she did not want that type of clause. To much of a bother tell them final and best offer she said. We did end up selling way over full price and she was very pleased.

Thank you for your professional input very much appreciated 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

I understand the need to be competitive. I also am wary of rushing in to be the highest offer, even in a rising market. Remember the folks who bought in 2006? Finding the balance in looking out for your client's best interests can be difficult.

Posted by Dave Rosenmarkle, 32 years of providing fully satisfying service! (Highland Realty) 6 months ago

Dave Rosenmarkle  I remember that market very well. The difference between the market then and now is listings were plentiful. Listings in these areas today are few and far between. I have some buyers who have been looking for two years. In the development, that  I am speaking of the prices have still not recovered from the crash. They have sold for much higher than they are selling, for now, I am quite aware of the values  

Thank you for your professional input it is greatly appreciated 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Great tips Hannah!

Posted by Ricardo Mello, Manhattan & Miami Real Estate Agent (Manhattan Miami Real Estate) 6 months ago

Ricardo Mello  You are so kind to say so. Are you experiencing this type of market where you are located?

Thank you for your professional opinion it is always appreciated 

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Dear Hannah,

Hard to gauge what to offer sometimes. For some, it is a process, since they just entered the process and we have been there all along. Words from us mean little until they have their first experience and find out for themselves what the market is currently up to.

Posted by Dörte Engel, ABC - Annapolis, Bowie, Crofton & rest of Maryland (RE/MAX Leading Edge) 6 months ago

This should be mandatory reading for all agents and buyers. Beautifully written and so feature worthy! Hannah Williams 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Dorte This is very true it can be very frustrating for us as well as the buyer 

Margaret Rome, Baltimore Maryland  I am so honored to read your comment. You have warmed my heart.  What a great compliment coming from you. I feel blessed.

Thank you both for taking the time to read and comment  

Hannah 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Hannah Williams And I just reblogged. Proud to have this on my post. This just might be a radio topic for me. Thank you!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

Margaret Rome, Baltimore Maryland  This would make a great topic. Running into this situation more and more especially with condos in gated communities in my area. Have you run into these situations? 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Just a few weeks ago, I put in an offer for a buyer and knew there were other offers. We went in at a price my buyers were comfortable with. They, thankfully, did not get it. The following week their dream home was available and we were able to bid before it hit the market. Home Inspection is tomorrow.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

You were fortunate Margaret Rome, Baltimore Maryland agents are telling me when they put a home inspection in their agreements even with a cash offer their buyers have lost offers sometimes to an offer with a mortgage contingency.  The agents and sellers are just afraid buyers will use the inspection to negotiate a new price -- Good Luck with your Home Inspection  

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 6 months ago

Hannah Williams I was able to get the new house BEFORE it went on the market and before it was even priced. The agent was getting pricing advice from other agents. I went in with a contract prior to the listing. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 6 months ago

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