We have experienced a resurgence in multiple offers, or bidding wars, in days of late. This occurs when more than one party offers on the same property at the same time. Working for both buyers and sellers, we at the PRIME team fully understand what the nervous buyer is experiencing and what the anxious seller is feeling in the bidding war process.
Organized real estate employs “rules of engagement” in the handling of multiple offers to give all buyer parties a level and fair playing field, favoring no single party. Unlike Australia, where live open bidding occurs (often on the front lawn of the house), a blind bidding process is employed. Buyers are encouraged to write their final and best offer, with the Seller reviewing all (in private) and accepting the offer with best terms and conditions. They are not obligated to counter offers or to give second chances: often it is simply a matter of accepting the best package.
For sellers, the probability of selling high (at list price or beyond) plus reduced or eliminated number of subject conditions means the seller stands a lot to gain.
For buyers, it is an emotional roller coaster not knowing whether their best foot forward is good enough. Some buyers go thru this process several times until finally landing their home. Some actually give up, especially in a rising market, created by continued bidding wars.
Working with agents who are well versed in the process- from both buyer and seller perspectives- is crucial. Give us a call to learn more about how we can help.
Listen to The Whole Home Show with Tony Joe Saturdays 12 noon on CFAX1070.com