Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: The Art of the Multiple Offer Situation

The Art of the Multiple Offer Situation

Writing an offer on a house for sale in Austin Texas is an Art. If you're working with the wrong agent, you might lose out on the house of your dreams. Why is that? Offers aren't just about the price, but about terms as well.

austin texas real estate houses for saleFor example, take a house listed at $300,000. Comparable sales are looked at, and the house is priced very competetively at that $300,000. Because of that, there are multiple offers.  YIKES!

As a Home Buyer in the Austin Texas real estate market, you really want that house as you've seen a couple of others and you know the value of this house.  You decide to offer the full price of $300,000...

But, the offer doesn't stop there.  There are several terms to look at as well.

Think about the "average" Austin Texas home buyer. They are probably going to offer $1000-2000 for earnest money. Let's offer $5000.

The Average Austin Texas home buyer is probably thinking they need 10-12 days for their inspections for $100. Let's offer $250 for 7 days.

The Average Austin Texas home buyer is probably going to ask for $3000-4000 for closing costs to be contributed by the seller. Let's offer either $0 or raise the asking price the amount to cover the closing costs so it's no additional money out of pocket for the seller.

The Average Austin Texas home buyer is probably going to ask for 21-28 days for their Financing Credit Approval. Let's offer 15 days because you're already pre-approved and know you have no worries on your financing.

The Average Austin Texas home buyer is probably going ot ask for a 6 week closing time. Let's offer 4 weeks and get this done!

When the average Austin Texas home sellers look at offers from my buyers and compare them to other buyers, my buyers win a lot of multiple offer situaitons.

If you want to make sure your offer is getting the attention it deserves, make sure a reputable Austin Texas REALTOR® is writing it up with your best interests in mind. That's me! Call me today!

 

**Are You Packed Yet?**

donna harris Realtor Austin TX blog

Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com

Donna@DonnaHomes.com
austin-texas-homes-for-sale.com

Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, CedarPark, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way. 

For real time Austin TX listings,click here.

** Multi-Million Dollar Producer Year after Year **
** Platinum Top 50 Finalist 2011 out of almost 9000 agents in Austin TX**
** Five-Star Professional 2011 & 2012 **
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Copyright© 2012 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* The Art of the Multiple Offer Situation 
* was first published on donnahomesblog.com.

Comment balloon 13 commentsDonna Harris • November 13 2012 12:39PM

Comments

It is all good advice, wish we were in a multiple offer market here though.

Posted by Susan Ackerman, Associate Broker (RE/MAX Realty Agency) almost 6 years ago

Donna, you are right - cleanliness is next to godliness when it comes to competing offers! 

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) almost 6 years ago

Kindness and stern-ness are hard to do at the same time. You don't want to be a push over, but you want to appease the customer's best side. Very tricky.

 

Love and light,

Laura

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) almost 6 years ago

Hi Donna - great suggestions to win at a bidding war! It's not just the price any more!

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates) almost 6 years ago

All good points!  Too many short sale buyers think it is all about price.  As with regular sales, it is price AND terms.

Posted by Gary Frimann, REALTOR and Broker (Eagle Ridge Realty / Signature Homes & Estates) almost 6 years ago

Donna,

So true. It is always a package deal. I once purchaced an investment condo for myself and faced several offers. I found out that the seller did not yet know where they were moving. It was a standard sale so I offered full price and one month free rent back so they would have time to find a place. Keep thinking outside the box.

Posted by Ron Buck, Associate RE Broker at Keller Williams Realty (The Ron Buck Group) almost 6 years ago

Donna, 

The offer is so MUCH MORE than just price.  I love how you break down the eleements.  Being prepared, pre-approved and working through the details will help you win the battle of the mutliple bids more often than not.

All the best, Michelle

Posted by Michelle Francis, Realtor, Buckhead Atlanta Homes for Sale & Lease (Tim Francis Realty LLC) almost 6 years ago

The offer is more that just the price.  I try to find out if the seller's agent can share anything else.. e.g. closing date.. It is important for the buyer to bre-approved by a local lender and one that the sellers' agent/seller feel comfortable with.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) almost 6 years ago

Donna:

Great post, with just the things an agent should be advising their client do.  Multiple offers can be very frustrating.

Posted by Evelyn Kennedy, Alameda, Real Estate, Alameda, CA (Alain Pinel Realtors) almost 6 years ago

Donna

Great insight with an outstanding post.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 6 years ago

Donna, looks like you have covered all the important details to win the deal. When Buyers listen to me, they almost always get the house in multiple offer situations - and we do exactly as you outline above!

Sharon

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) almost 6 years ago

Donna

Price AND terms needs to be the mantra of all buyers, especially today. And I coach sellers on the same thing. Seems some agents don't seem the care, or don't know how to work with their clients to present the best offer that will be a win-win.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) almost 6 years ago

Donna, Great points … it’s not always about price.  Terms and the buyer’s agent’ presentation and reputation can often win the deal.

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) almost 6 years ago

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