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A Day in the Life of a Main Line Realtor® – Part 20: A Multiple Offer Situation

Main Line Real EstateThis Main Line Realtor® is singing the same blues again this month. Still not a lot of inventory out there and Spring has been taking its good ol’ time getting here! That means, of course, that buyers are competing for the same small group of homes. This means multiple offer situations and those require some skilled buyer representation, for sure.

I notice there is a lot of advice out there about what to do in a multiple offer situation. I have a good record at getting my buyers’ offers accepted and I attribute that to only one thing. Attention to each particular seller’s concerns. There are no 2 situations alike when it comes to a seller who finds robust interest in his or her home when it goes on the market. So many factors come into play. What price did they start with? What is the home worth? How quickly are the offers received and what deadlines do they have? What advice is their agent giving them? What bad experience have they had in the past or heard about from their friends that they seem to want to avoid?

The goal for all sellers is to keep as many interested buyers bidding for as long as possible in order to get the highest possible price. Most Buyers will stay involved if they feel the process is clearly explained, seems fair, and they can trust that it will be followed.

Sellers are supposed to dictate the process. And they can “shop” one offer to another buyer by telling them the terms. This is something buyers hate and often are not aware of. But many listing agents tell sellers only one option—the one they like best– regardless of the particular circumstances. In our area, that is the “highest and best” approach, where all buyers are told to re-submit their offers at the same time with their highest terms and the seller is supposed to accept one. But there are many others they can use. A seller may select one offer to “work,” risking that the others will go away. A seller can just wait a day or two or counter with a high number or other changed terms to keep the process going and hope to get other offers. A buyer who knows what the seller will do is at a great advantage in a multiple offer situation.

Buyers in tug of war over a house in a Multiple Offer Situation in A Day in the LIfe of a Main Line Realtor - Sage RealtyA well-represented buyer will have asked the listing agent before the offer is submitted what process the seller is intending to follow in the event of multiple offers. A buyer is entitled to know if any offers are being submitted by the listing agent as a dual agent (where they represent both sides of the transaction). Ethics require that the listing agent disclose that information if asked. Many buyer agents do not ask. In such a case, a buyer may not want to get involved since the listing agent will have the upper hand in making their offer the best one. In every case, the buyer’s agent needs to let the listing agent know that there are situations which will make the buyer walk away.

 

My most recent transaction was a multiple offer situation. We made sure we were the first appointment allowed in to see the house, had an agreement already prepared to be signed at the showing with a lender pre-approval attached, and submitted the offer that same afternoon. Although other offers came in while we were negotiating, the fact that we expressed such interest and had a solid offer amount, together with the notice we had given that we wanted to know exactly what process the seller was intending to follow, made for a successful back-and-forth where the seller did not entertain the other offers but negotiated with us to conclusion. We did not even have to pay full price! Our methods worked in this case, but every situation deserves analysis and tailoring by your Main Line Realtor® to get the result the buyers need. Success was ours this time!

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True Walk-to-Wayne

425 N. Bellevue Ave
Wayne, PA 19087

$775,000
MLS# PADE399110
4-5 bedrooms
3.5 Bathrooms

Hear From Our Clients

  • "We were so pleased that a co-worker recommended someone in the area that she trusted. Boy, did we strike gold on all counts. You are amazing!"
  • "Instead of trying to take advantage of conflicts of interest, she puts the client's interests first."
  • "Linda is a hardworking, proactive and knowledgeable realtor. Throughout the process of finding and buying our new home, she was always responsive and kept us up to date on every detail."
  • "Linda and the group at Sage are the right fit. You won’t find more knowledgeable, prepared and professional agents."
  • "Linda and Tracey really know the Main Line area."
  • "Throughout the entire process we never doubted that she always had our best interests in mind. We wouldn’t consider anyone else when buying a home on the Main Line."
  • "From start to finish, Linda brought to bear a most helpful combination of experience, knowledge, attention and integrity on a somewhat complicated transaction. There was never any doubt that she represented our interests."
  • "Her knowledge of the area helped us quickly narrow our search and ultimately scored us an amazing home in an incredible neighborhood."
  • "It is hard to trust when you are not sure of the rules of the game. Working with Linda made us feel like we were family. Linda took her time to relay and explain everything in detail."
  • "Linda’s honesty and real estate savviness made for a wonderful home buying experience!"

Read more about what our clients have to say

Hear from our Clients

  • "We were so pleased that a co-worker recommended someone in the area that she trusted. Boy, did we strike gold on all counts. You are amazing!"
  • "Instead of trying to take advantage of conflicts of interest, she puts the client's interests first."
  • "Linda is a hardworking, proactive and knowledgeable realtor. Throughout the process of finding and buying our new home, she was always responsive and kept us up to date on every detail."
  • "Linda and the group at Sage are the right fit. You won’t find more knowledgeable, prepared and professional agents."
  • "Linda and Tracey really know the Main Line area."
  • "Throughout the entire process we never doubted that she always had our best interests in mind. We wouldn’t consider anyone else when buying a home on the Main Line."
  • "From start to finish, Linda brought to bear a most helpful combination of experience, knowledge, attention and integrity on a somewhat complicated transaction. There was never any doubt that she represented our interests."
  • "Her knowledge of the area helped us quickly narrow our search and ultimately scored us an amazing home in an incredible neighborhood."
  • "It is hard to trust when you are not sure of the rules of the game. Working with Linda made us feel like we were family. Linda took her time to relay and explain everything in detail."
  • "Linda’s honesty and real estate savviness made for a wonderful home buying experience!"

Read more about what our clients have to say

Sage Buyer Tips

Use Sage Buyer Tips to research the Main Line and stay up to date on real estate news. This online destination is chock full of resources for buyers and sellers: you can see our Main Line communities or explore Sage favorite places. Browse properties here and search other Main Line real estate. With Sage’s advice and experience, first-time buyers and those looking to upgrade can find homes best suited to their needs.