Multiple Offer Disclosure and how should a buyer Respond

Multiple Offer Disclosure

Multiple offer disclosure and how should a buyer respond?

Multiple offer means that the sellers have more then 1 offer.  Instead of the seller responding by countering, rejecting or accepting an offer from any one buyers offer they have opted to go into a multiple offer round.  The seller wants your highest and best price your willing to pay for the home.  You will need to not exceed what your pre-qualfied by your lender to pay for this home.   

Its discouraging when You just found your dream home and you either want to put in an offer or you already have.  Your Real Estate agent informs you that the property has multiple offers and your highest and best is due by a certain date. When receiving Multiple offer notification your highest and best is usually due in a short time frame. What do you do and how do you respond?

 

Can you stay at your original offer price?  You absolutely can stay at your original offer price but if you really want the home you might want to rethink your low offer.  Its a sellers market in the Indianapolis Real Estate market and surrounding communities.   The list to sell statistics in certain communities indicate very little negotiation with sellers on price and closing costs.  

The best offer you can make is the offer your willing to walk away from the home if you don't get an acceptance or the highest amount your willing to pay for a home no matter what the list to sell statistics say.   I have put in offers above asking price and the buyer still didn't receive an acceptance from the seller.  There is never a guaruntee but if you want a home you need to be competitive.  Trying to get the lowest possible price in a multiple offer round is not the best strategy.  

What happens if you get an accepted offer but your worried about your contract price not appraising for the price you are paying.  In the Indianapolis are mibor contracts it specifically states on page 2 under new mortgage that Completion of this transaction shall be contingent upon the buyers ability to obtain a mortgage loan.   If the property appraises for a lower price then the accepted contract price and your not willing to bring extra funds to the table and the seller isn't willing to go down on the price (I'm not an attorney) but your contract states that it is conditional upon your ability to get a mortgage loan under the terms of the agreement.  

No one likes to be under multiple offer.  I try to avoid being in a multiple offer situation at all costs.  

There is a better chance for neigotiation if you aren't under multiple offers.   If I know its a hot property its best to put in an offer very quickly, tighten it up (time for seller to respond is short) and submit as soon as possible.  There is no guaruntee that it will work but it gives you a better chance to avoid.  

 

My Blog on my website SellingIndyMetro.com  article Buyer Multiple Offer Notification 

Shannon Thomas Real Estate Agent 

 

 

 

 

Shannon Thomas Realtor

msWoods Real Estate, LLC

E-Signatures on Contracts For your Convenience!

Cell: 317-681-4044

Shannon@SellingIndyMetro.com

www.SellingIndyMetro.com

Search for homes in Indianapolis Now!

Building Relationships Selling Homes!

Shannon M Thomas NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

   Cell: 317-681-4044  Preferred

web: Real Estate

e-mail:  Shannon@SellingIndyMetro.com

 

Comment balloon 1 commentShannon Thomas • February 12 2016 08:48AM
Multiple Offer Disclosure and how should a buyer Respond
share
Multiple Offer Disclosure Multiple offer disclosure and how should a buyer respond? Multiple offer means that the sellers have more then 1 offer Instead of the seller responding by countering, rejecting or accepting an offer from any one buyers… more
Listing your home for sale and Information needed
share
Listing your home for sale What information should you gather before listing your home? When I list a home for sale there is a list that I gather from the owner of the home that is important to have a smoother, as stress free listing experience for… more
Plainfield 4 bedroom home for sale
share
Plainfield 4 bedroom home for sale. Virtual Tour: View the Tour Just listed for sale immaculate Plainfield home for sale. Granite counter tops, Gorgeous wood laminate floors, Irrigation system, All appliances and Window… more
Homes for sale in Oakbend Estates Avon Indiana
share
Homes for Sale in the Oakbend Estates Neighborhood Avon In People live here in this quiet upscale community for its well manicured attractive lawns, friendly people, quality workmanship and the close proximity to retail stores, shopping centers,… more
Indiana Home Owner Exterior Home Tasks for Fall
share
Along with Indiana Home Ownership comes certain homeowner Exterior maintenance tasks that should be done on a regular bases. Taking care of maintenence as they come along will prolong the life of your home, help to keep disasters from… more
Indiana purchase may be in Jeopardy due to buyers buyers lender
share
Its amazing what comes up in Real Estate that us Realtors have to mediate to get to close. My buyer from Alaska has a contract on their home there and has an accepted offer on a home in Brownsburg Indiana. They were to close in… more
2765 S County Rd 250 W Danville Indiana 46122
share
2765 S County Rd 250 W Danville Indiana 46122 Blc # 21253409 Danville Indiana home for sale on 2. 72 Acres. Beautiful Country home with wrap around porch, 5 bedrooms 3. 5 baths, 3 car garage Spacious - 2, 676 sq ft. … more
Beautiful Indiana Hobby Farm Restored 3248 sq ft Farm House on 7 Acres
share
$369, 900 5 bedrooms, 2 full baths, 0 half baths, 3, 654 square feet Shannon M Thomas | msWoods Real Estate, LLC | (317) 681-4044 3841 N State Road 75,… more
Avon Custom Ranch Home for sale 1730 Windmill Dr Avon Indiana 46123
share
1730 Windmill Dr Avon Indiana 46123 Avon Indiana Home For Sale Fantastic Custom Ranch in a wonderful Avon neighborhood close to Avon High School. Wow what a beautiful open concept home on over 1/2 acre lot. … more
Avon Indiana Real Estate Agent says List your home now!
share
List Your Avon Indiana Home For Sale? Thinking of Selling your Avon Indiana home? Call an Avon Indiana REALTOR® Associate Broker Avon Indiana Real Estate Agent Shannon Thomas … more