Calgary, Canada, April 26, 2014 --(PR.com
)-- On February 24, CIR Realty hosted their weekly event where multiple offers and how to best deal with them was addressed. CIR Realty manager Dave Egar hosted the meeting and provided valuable tips on the subject.
With the tight inventory in today’s market, we are seeing more and more multiple-offer situations. The best way to deal with multiple-offer situations as a buyer is to know what your options are well before the situation arises. As a seller, its no different - you need to be aware of your rights and options well before you are faced with any type of competing offer situation.
Buyers should be aware that multiple offer situations can become an emotional decision for them. In a scarce market, there may be several buyers interested in the same home.
Some tips for buyers would be to come in with their best offer and get a pre-approval letter from their bank. Buyers should be aware of the seller’s rights and options in multiple-offer situations.
It’s also important for the buyer’s agent to stay especially calm when dealing with the listing agent as these situations can be stressful. Buyers can also prepare a cover letter to attach with their offer. It is very helpful if the buyers are physically close by the seller’s home and are ready to react should the seller counter their offer.
Buyer’s agents who can present their clients offer in person to the seller could demonstrate to the seller more of a seriousness of the buyer’s intention. A good buyer’s agent will also let the listing agent know to inform them if the seller is leaning towards an offer. This will give the buyers an opportunity to better their initial offer. It is advisable to include conditions in the offer that protect the buyer no matter how competitive the situations may be.
As a seller, they know their home value and are in control. Sellers have to decide if all the offers are going to be made public to the other agents, or if they would like to retain the information.
Pricing the home aggressively from the beginning will make it more likely to create a multiple offer scenario. This type of pricing strategy can result in the listing being on the market for a shorter time and possibly getting an offer at list price or above.
Sellers need to know they have three options when dealing with multiple offers: they can accept one offer, they can counter one offer, or they can reject all offers.
For more information on real estate or Calgary condos, please contact Karim Hassam at firstname.lastname@example.org or at 403-689-9594.
Information provided is based on general trends. Please contact your Realtor for information regarding your specific situation.