Multiple Offers Even In A Buyer's Market!

Even in a buyer's market, you will sometimes find yourself up against other buyers making a bid on a home the same time as you. I've had it happen a few times recently to my clients.

You need to understand that in a buyer's market the best listings will still stand out and be sold. Properties all over town are still selling...now not at the premium prices that they were a few years ago, but they are still be sold. Not every home will sell right now, but many will.

Don't into the trap of thinking you're the only buyer looking at various properties in a given point of time. There are still many buyers out in the market...especially now that it's spring time.

It's still best to have your pre-approval letter in hand when you make an offer. All lender-owned and foreclosure properties normally require a pre-approval letter and earnest money deposit when submitting an offer.

If you write an offer and find out that you're in multiple offers, understand that your offer may be compared to the other bid and the seller will ask you if you want to increase your bid or change any other terms of your bid. One strategy to consider is at what price would you be comfortable paying for the property, but if you lost out, you knew you gave it your best shot. Many times in a multiple offer situation, you may only have one shot at getting the property, so part of the equation is determining how much you like it.

So as you view properties, understand that you're not the only buyer looking and when you find a home that you're attracted to and want to make a bid on, don't wait too long.