If you’re a buyer faced with a situation where you know there’s a big buzz about a house you’re interested in, you may be looking at a multiple-offer situation. How should you proceed?
I was recently working with some clients who were looking to make the leap to homeownership. After two months, we found the perfect home for them. When they finally saw the property in person, there was a huge crowd at the open house. I told them at that point there would probably be multiple offers on the property, so we need to put our best foot forward in the initial offer.
“A low appraisal gives buyers more negotiation power.”
In a situation like this, a lowball offer simply won’t work. Somebody is going to offer the full price, and maybe even offer above it. However, a full-priced offer won’t always work. Sometimes you’ll need to be generous on terms or offer more than the asking price.
In a seller’s market like this, I always recommend this strategy to get the property under contract. Once it’s under contract, there are certain places where we can negotiate to get you a little bit better deal. One example is a low appraisal, which gives us a lot more negotiation power.
If you are in the market to buy a house and you’re confronted with a situation like this, give me a call or send me an email. I’d be happy to share my experience to guide you through the process of becoming a homeowner. I look forward to hearing from you soon.
