Oro Valley Real Estate - Bidding Wars for a Buyer
For sellers, getting multiple offers on a house is a dream.
But for buyers who have fallen in love with a particular property, hearing that their offer is one of many can be frustrating.
So what happens when multiple offers come in and, most importantly, what are the chances of your offer rising to the top?
When there are multiple offers on the table in a real estate transaction, the seller is in the driver's seat.
The seller can accept an offer outright, counter all offers, or choose to counter some of the offers and not others.
And price is not the only factor sellers weigh when they look at offers. The buyer's terms and contingencies are also taken into account, as well as pre-approval letters, appraisal requirements, and the closing time the buyer is asking for.
You may get only one shot to express your interest in a home, so if you truly love it, your first offer should be the upper limit of your budget.
Most sellers will ask the buyers who made original offers for their highest and best offer by a particular time or date. That gives you time to up your offer if you really want the property.
If you do find yourself falling hard for a house, consider writing a personal offer letter directly to the sellers. Heartfelt letters may win the day.