Thank you for taking the time to check out our Raleigh, NC area real estate blog. Today, we’re going to share with you our 7th tip for how you can win a bidding war if you encounter one as a Raleigh area home buyer.
And if you’re new to our site, make sure to check out our recent blogs for tips 1 through 7.
Tip #7 for Winning a Bid War Revealed
Here’s our next tip for how you can come out on top in a multiple offers situation: A home seller can’t counter two different buyers at the same time
Two written counter offers to two different buyers could potentially cause the seller to enter into two different contracts on one house and that is illegal.
Therefore, sellers will either request that each buyer submit their highest and best offer or they will communicate to all buyers what they need to do to make their offer more appealing to increase their odds of acceptance.
In the latter case, they will make it clear that what they are communicating to all purchasers at the same time is not a counter offer but for information only, to sweeten their chances of winning the home.
News of multiple offers may be delivered different ways but, when the news reaches home, the ball is back in their court to decide if they get in the negotiation game or take their ball and run.
So many times homes buyers are unprepared and they panic and lose their chance at the best home on the market for them. Don’t panic. Stay in the game and play to win. You have knowledge now that other home buyers and many Realtors do not have.
Sharpen your pencil, pull out the eraser to remove the extras that aren’t important, and ask yourself how you will feel in the morning if this house is sold to someone else. To balance those feelings, use some logic too. Have your lender calculate and show you what your house payment will be if you raise your offer to a higher price. Generally it’s pennies on the dollar but it needs to be in your budget.
Lastly, if you are fearful you have overpaid, remember, your contract has an appraisal contingency in it to protect you. Your purchase is contingent upon a non-emotional appraiser giving a professional opinion of value. You have a safety net.
Helping You Purchase Your Next Raleigh Area Home
We can help you by answering any questions you may have as well as providing you with valuable real estate resources for the Raleigh area.
Until next time,