If you are one of many buyers currently trying to purchase a home in San Carlos, you have inevitably come up against a home that was attracting multiple offers. The multiple offer situation can be an intimidating process. You want to obtain the property, but do not want to get caught up in a bidding war and overpay for the property. How much do you offer? What about the close of escrow, contingencies, rent-backs, disclosure issues? There are many moving parts in a multiple offer situation. Having been involved in numerous multiple offer situations, both on the listing side and selling side, I can tell you that the agent you use can make a difference.
There are some agents who do extraordinarily well under pressure packed circumstances, such as those that surround offer presentations in a multiple offer situation.
Start with the preparation. Aside from price, has your agent taken the time to truly understand the seller’s needs, such as close of escrow timing, possible rent-back needs, etc? While price may not be a negotiable term for the buyer, maybe there are other facets of the deal which the buyer could negotiate to make it more attractive to the seller. Exceptional agents will get creative.
In most multiple offer situations, the buyer’s agent will present the offer to the listing agent, and possibly the sellers. Your agent should be confident, prepared and well spoken. In a multiple offer situation the listing agent is looking for the offer that has a solid price, great terms, and most importantly, he or she is looking for the offer that will close the escrow without any issues and on time. If a buyer’s agent flinches on any of these issues or leaves even the slightest doubt as to the ability of the buyer to close the escrow, your offer will most likely slip to the bottom of the pile.
How do you know if your agent is going to give you an edge in a multiple offer situation? If you are 100% confident in your agent, you should do well. If you are 95% confident in your agent, do not waste your time looking at properties which will likely encounter multiple offers.