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This Week’s Tip on Winning a Bidding War in a Multiple Offer Situation

Wake County homes for saleIf this is your first time visiting my blog, allow me to fill you in: I’m currently counting down my top 10 tips for how home buyers can win in a multiple offers situation.

Last week, I told you my first tip: Understand that you may not be aware upfront that a home has multiple purchase offers.

Continue reading if you’re interested in learning today’s tip.

Tip 2: Counter offers don’t have to be in writing and a verbal agreement is not a contract.

For many home buyers this is a cold truth that can be painful to accept: An offer is not a legal binding contract until the entire agreement has been drafted on paper, signed by buyer and seller and delivered to all parties or their representatives.

Until all of that has taken place, it is not a contract and therefore, anything could happen. The seller could change his mind, the buyer could find another property, other offers can come in, etc.

Because anything could happen in this critical part of the home buying process, it’s important to move as expeditiously as possible. The adage, “You snooze, you lose” has never been more true than in a home buying situation.

Thus, we recommend drafting an offer fast with your home buyer and putting your name in the hat. Just make sure that your buyer agent attaches an addendum that requires the Seller’s Agent and the seller to respond by deadline. Otherwise, your offer may sit without attention for an indefinite period of time.

Conversely, a well written time expiration moves your offer to the top of their priority list. Give them a realistic amount of time to respond, such as 12 to 24 hours. After all, if you set it for too short of a time, you may just frustrate them. If you set it for too long, you’re giving other buyers a chance to move in on your territory.

Finally, ensure that your Buyer Agent uses DocuSign so that offers and an acceptable counter offer may be signed more quickly. There have been countless times in my 29 years of experience where I have had a verbally accepted contract on one of my listings and there’s a hold-up on the buyer’s end because they’re still at work or they don’t want to finish the contract until after they return from vacation.

This lack of urgency from the would-be buyer may end up costing you the home you love. So move fast!

More Raleigh Area Home Buying Help On Its Way!

Check back next week as I continue working through my top 10 tips for home buyers navigating a multiple-offers situation in the Raleigh area.

For now, if you’re interested in entering the market as a Triangle area home buyer anytime soon and would like some expert assistance, make sure to contact me, Linda Craft,your dedicated Triangle area real estate expert, today.

I can provide you with valuable information on available home listings as well as answer all of your remaining questions.

Until next time,
Linda

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