Multiple Offer Madness
If you have been looking for homes in the 250-400k price range on the West side of Denver, you have probably experienced the shock and awe of multiple buyers bombarding the same home you are looking at. Showings are stacked on top of each other, with a long line of buyers pushing past each other in the hallways of these homes. I recently showed a home, and we were 1 of 100 showings in 2 days.
In almost every case in this price range, there are multiple offers. I am not talking about just a couple offers, but in many cases 14 or more offers! Alot of people think this is the best of times for the real estate agent, but this is actually not true at all. The buyers we work with are often frustrated, discouraged, and tired from writing multiple offers on many different homes with little luck. If our buyers are not happy, then we are not happy, period. As a result we are working very hard to try to find ways for our buyers to win, and get the homes they want.
So how can you stand out in a market like this? Is there a way to win the home if you are not the highest bidder? We believe we have a formula that helps our buyers stand out, as well as compete if they are not the highest bidder. We have won several homes this way. Its important to look at all factors of the real estate transaction, and really ask what is important to the seller besides just the highest price. Here are a few key things we focus on.
- Having a good lender who communicates well on the buyers behalf: We have lenders call and introduce themselves to the sellers agent, and talk up our buyers and their qualifications.
- Treating the sellers and their agent with respect: We realize we will not get anywhere by being rude or demanding. So we go out of our way to reach out to the agent, and ask them what they need for a successful transaction.
- Tell your story: We have found that when our buyers write a letter and tell a little bit about themselves and why they love the home, it can go a long way.
- Other dates and deadlines: There are other deadlines, and contingencies that are important to a seller. We ask about closing dates, appraisal deadlines, down payments, loan conditions, inspection deadlines etc. Finding out what a seller needs in these areas can help a lot as well.
- Graciousness: This market is tough on buyers and sellers. We strive to be gracious whatever the outcome, and it is amazing how that comes back to us sometimes.
If we can help you in any way, or if you want to just talk through the market, we would love to have a conversation. You can reach me at 720-891-5751, or check us out at www.foxgroupgolden.com