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Buyer Advice: Don't Give Up When Up Against Another Offer

 

Buyer Advice: Don’t Give Up When Up Against Another Offer



Buyers, don’t give up just because you are up against another offer. THAT is exactly how you lose your dream house.

 

Buyer Advice: Don't Give UpMany times when a buyer realizes that they have competition, they just quit. WHY?

 

Here are a few examples:

 

  • I don’t want to get in a bidding war.

  • I am not going any higher. I don’t care. Let's just see what happens.

  • I will not change a thing. That other agent is probably just saying that.

 

You do not have to get in a bidding war. Simply make your final and best offer. You don’t have to go any higher. Are there other things you could change in the offer that might make it more appealing?

 

Since this post is focusing on what you can do BESIDES offer more for the property. Let’s take a look at a FEW things that you could do to improve your offer WITHOUT going up on the price.

 

  • Offer to pay title insurance

  • Offer to pay for the survey

  • Remove the request for a home warranty

  • Increase the amount of EARNEST money

  • Increase the OPTION FEE. (THAT really shows that you are serious.) Want to show them that you are even MORE serious. Don’t credit it back to you at closing. OR -- if you've talked to inspectors already and KNOW it can be inspected quickly, lessen the number of days for your option period.

  • Offer the sellers a week after closing to move out at no cost to them except their utilities (which will switch over on the day they move out.)

  • Remove any contingencies that you are able to.

 

There are tons of ways that you can improve your offer without going UP on the contract price. The very worst thing that you can do is NOTHING. Review your offer to see if there is ANY thing that you can do to improve it. THEN, if you lose it to the other buyer, you know you gave it your best shot. If you win it, there is a good chance it is because the other buyer just gave up!



Before you by in the Huntsville or Lake Livingston area give me a call! I'm Joni Staples and you can reach me at 936-650-9017! Let me put my 11+ years of Huntsville / Lake Livingston Area real estate experience to work for YOU!

 

Buyer Advice: Don’t Give Up When Up Against Another Offer

 

This has been brought to you by YOUR Huntsville / Lake Livingston Area real estate professional. Before you buy or sell, call Joni Bailey at (936) 650-9017. I look forward to earning your business and exceeding your expectations. Broker Associate with Berkshire Hathaway Home Services - Anderson Properties. Mike Huff, Broker.  BerkshireHathaway Hom Services is a member of the franchise system of BHH Affiliates, LLC. Each office is independently owned and operated.

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Comment balloon 24 commentsJoni Bailey • July 08 2015 06:40AM

Comments

Very good points but what is an "Option Fee"?  Never heard of that one.

Posted by Chris and Dick Dovorany, Broker/Associate at Premiere Plus Realty ( Homes for Sale in Naples, Bonita Springs and Estero, Florida) over 3 years ago

Good points, Joni.   Too often, we all have buyers that are too afraid of the market conditions, just as you have stated in the blog.  No one enjoys the bidding wars, and the higher values imposed during the process... but that just means ONE buyer wants it more than the other.  If a buyer will take the time to write an offer, make it the very best offer.... period!!

Posted by Dan Hopper, Denver Realtor / Author / Advocate/Short Sale (Keller Williams Realty Downtown LLC) over 3 years ago

Chris and Dick Dovorany  I will write a post on the topic. It would be a LOT easier! And a great topic! Thanks for the idea. Coming soon.....

Dan Hopper  We really do not have a TON of multiple offers in our rural area, but when we do, many times people just freak out and give up. They've watched too much TV and think craziness has to happen. Not so!

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) over 3 years ago

Joni,

 Good blog! I hope all is well with you and you are on fire! Have a good one!

Posted by Yolanda Cordova-Gilbert over 3 years ago

I hope you are enjoying a most productive week.

Thanks for your comments on my blogs.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 3 years ago

Joni you provide very good reasons why a buyer should not be afraid of multiple bids and what to do if it occurs.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 3 years ago

Great advice to potential buyers! I would certainly fight for the home you have pics of... outdoor tv and firepit? what's not to fight for!!!

Posted by Rob Thomas, Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro (Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954) over 3 years ago

Joni

When the buyer wants the home . . . . they have to go for it . . . . and put their foot forward with the contract. 

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) over 3 years ago

Yolanda Cordova-Gilbert  Thank you. sweet friend! It's been a GREAT year! Wishing the same for you and Bob!!

Roy Kelley It is always my pleasure to visit your blog!! :) 

Thank you, George Souto !

Rob Thomas LOL. That would be an ideal home! It is acutally 4 different homes. HA! I was just making a collage I can use for any post since AR made it so difficult to put images in a blog. :)

Lou Ludwig I think you just nailed it! If they WANT the home...  great point!

 

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) over 3 years ago

Buyers often put in contingencies in their offers that just aren't worth losing the home over. Or they start so low to "see what happens". Well, when there is a higher offer, "nothing". You make excellent points.

Posted by Hella Mitschke Rothwell, Hawaii & California Real Estate Broker ((831) 626-4000) over 3 years ago

Hi Joni.  This is excellent advice for any buyers facing multiple offer situations.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 3 years ago

Excellent post Joni. Most buyers do give up when they find out there is already an offer on property. You provide good points for buyers to heed.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty, Martha Hilton, Broker) over 3 years ago

Good morning Joni Staples,

Excellent tips to improve a buyers offer without bidding the price up higher. I just received 4 offers on a listing and one agent really did a great job of removing the home warranty request, higher option fee (not crediting back at closing) and allowed the seller a week after closing to move out for free! He did raise his price but with all the other items..he won the contract hands down!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) over 3 years ago

Great advice.  There are ways to improve your offer and you certainly have pointed out a great deal.  Hang in there and hope the others Give UP.

Posted by Rose Mary Justice, Synergy Realty Pros (Synergy Realty Pros) over 3 years ago

The price is not the only weapon, tool in the pick you, to stand out in the multiple offer situation. Think seller, what you would want beyond just the price in the offer presented.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) over 3 years ago

Thanks, Hella Mitschke Rothwell  :)

Gabe Sanders We really do not have this all that often in our rural market. However, in 2014 and 2015 we have seen this more and more often.

Rebecca Gaujot, the GO TO REALTOR  I know. They freeze. SURELY there is at least one thing they could change that MIGHT make a difference. :)))

Dorie Dillard EXACTLY! With FOUR offers it was going to take that many!! 

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) over 3 years ago

Rose Mary Justice  RIGHT ON! "Hope the others give up!!"

Andrew Mooers  Putting yourself in the other persons place is excellent advice! Thank you!!

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) over 3 years ago

My buyers have been on the winning side of a bidding war many times by simply sticking to their original offer because it was clean and strong.

Posted by Nicole Doty - Gilbert Real Estate Expert, Broker/Owner of Zion Realty ZionRealtyAZ.com (Zion Realty) over 3 years ago

Great advice Joni!  It ain't over till it's over right?

Posted by Paula McDonald, Magnolia Realty ~ Granbury, TX 936-203-0279 (Magnolia Realty ~ Granbury) over 3 years ago

I think if the buyer consider it a good deal, then opting out just because of the fear of losing it or bidding doesn't help much. I also feel that agents can play a significant role in this by keeping the buyers motivated.

Posted by GC Realty Investments, Investors and Turnkey Solutions Provider. (GC Realty Investments) over 3 years ago

Nicole Doty - Gilbert Real Estate Expert  Awesome! That was the key. CLEAN & STRONG! :)

Paula McDonald  RIGHT! ♫ Doe, ray, me, far, sew ,la, tea, DOE..... ♪

GC Realty Investments We do our best. ☺ Some folks  listen... some do not! HA!

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) over 3 years ago

I have had buyers that want ot throw in the towel and others that love the challenge. They strategize and want to make sure they win.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) over 3 years ago

Great post. Indeed, many buyers want to give up when they think of negotiations.

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) over 3 years ago

Joni, Those are all excellent suggestions for a buyer to change some of the details of a deal but stay at the same price. I like the extra 10 days to move out idea. 

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) over 3 years ago

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