PLEASANTVILLE, N.Y. -- So you've found the house of your dreams, but it turns out someone else wants to call the property home as well. When faced with the possibility of multiple bids on a listing, what's a buyer to do?
"Inventory is still very low everywhere, and Mount Pleasant is no exception," said Debra Budetti, a broker and co-owner of ERA Insite Realty with her husband, Lou . "As a result, when any properly prepared and well-priced house comes on the market, there are generally multiple offers." Not only does the lack of inventory mean it's a great time to sell a house, but it also means that buyers are up against fiercer competition.
"By following the steps below, buyers confronted with a multiple bid scenario can greatly improve their chances of emerging as happy homeowners," said Budetti.
Assemble in advance -- Have your buyer’s agent, lender, attorney and home inspector lined up prior to bidding. Don’t wait until you have an accepted offer to contact the necessary parties.
Be flexible -- Be open to upfront negotiations. Giving the seller leeway in a closing date, what’s included with the sale and other terms of an offer can work in a buyer's favor.
Know the seller's needs -- The more you know about what is most important to the seller, the more buyers can cater to their specific situation.
Be ready to decide on the spot -- Never sacrifice prudence and due diligence, but if other offers have been made, dragging your feet may result in a missed opportunity.
Don’t sweat the small stuff -- When buyers nitpick every detail prior to a contract, sellers can become concerned it will only get worse, and ultimately pass on the deal.
Don't lowball -- A weak offer when it’s clear there will be multiple bids doesn't send the message of a serious buyer.
Presentation is key -- Make sure the offer your agent presents is complete, contains all available information and looks professional.
Be forthcoming -- Offer upfront that a seller’s agent can contact your mortgage lender to validate your ability to secure a mortgage, or to contact your financial advisor to confirm proof of funds.
Keep a cool head -- Getting too emotionally invested in the process or the outcome can sometimes cloud good judgement and take buyers beyond their comfort zone.
At the end of the day, Budetti stressed the importance of asking your questions to the right people during any real estate transaction. "Friends and family will all have opinions, but they haven’t been in the trenches of house hunting with you," she said. "Ask your buyer’s agent for comparable sales data along with their educated opinion on your best offer."
For more information on how to navigate a multiple-bid scenario, or to see ERA Insite Realty's current listings, click here.