Happy Wednesday Guelphites! YOUR Guelph REALTOR®, Krystal Moore, is here to help de-mystify the elusive ‘multiple offers’ for homes!
Many of you have heard of ‘multiple offers’ but what does that even mean?
A ‘multiple offer’ situation exists when there is more than one buyer wanting to submit an offer to purchase a house a property.
FROM THE SELLERS’ POINT OF VIEW
- This can be an exciting time for Sellers. They now have a chance to secure a higher offer on their home, and may be looking at a firm offer from potential buyers.
- This can also add stress to the Sellers because they have to choose who to say YES to and who to say NO to. Sounds easy?
When Buyers feel that your home is THE home, there are a number of things they may do with their REALTOR® to help gain favour from you. Some Buyers will write a letter to the Sellers telling them about how much it would mean to them to be able to own the home. Some will even have their children draw pictures of themselves having the time of their lives in the home. And some REALTOR®s will have their clients waiting outside or in the car – ready to agree to whatever changes are necessary. Imagine the pressure if you have more than one family with these pictures and letters waiting outside of your home and having to choose just one.
- With a variety of offers to choose from, the Sellers are in a position of great power and they likelihood of getting what they want increases significantly.
FROM THE BUYERS’ POINT OF VIEW
- This can be a very frustrating process for buyers because finding a home to submit an offer on can sometimes take longer than anticipated. And when you finally find the ‘right’ house, it is not fun to find out you cannot have it
- Fair Market Value? Buyers may end up paying more for homes that are in multiple offer situations just to make sure that they ‘win’ the competition with the other buyers.
- No conditions? Many buyers that are in competition with other buyers will remove important conditions, such as having a home inspection performed or securing financing, in order to present a ‘firm’ offer to the sellers
- RISKS: Buyers risk losing properties they have mentally and emotionally prepared themselves to invest in, the cost of the house may be more than its value and skipping the home inspection can lead a costly headaches and repairs down the road, not to mention the stress involved in removing a financing clause and then discovering that you may not be able to pay for the ‘win’.
For more information about Real Estate in Guelph, or to set up a time to chat, please get in touch for Moore today! Krys@KrystalMoore.com or 519-400-8394. I’m looking forward to your call and to getting to know each other!
YOUR Guelph REALTOR®
Krystal Moore, Sales Representative
Royal Lepage Royal City Realty, Brokerage
Independently Owned and Operated
214 Speedvale Ave. W.
Guelph, ON N1H 1C4
Why choose Krystal?
I have over 15 years’ experience in Sales and Customer Service, I am motivated, dedicated
and have a solid background in law. I consistently go above and beyond to make my clients
feel important, valued and appreciated!
Want to know Moore?