The San Carlos market is moving full steam ahead. Not only are multiple offers a frequent occurrence, but the amount of offers being put forth in some of these situations is nothing short of amazing. 27 offers, 14 offers, 12 offers, 9 offers….the list goes on. It can be a bit intimidating for many buyers. However, I am here to tell you that your odds are better than you may think. Remember, a multiple offer situation involves a lot of moving parts. The more parts you have under control, the better your odds. If you can check “yes” to the list of points below, you’ll always have a good shot in any multiple offer situation. Below is a bit of lighthearted look at ten points to keep in mind when entering the multiple offer process:
The Top Ten
1. You understand that Zillow is a terribly inaccurate predictor of home values in San Carlos. Basing your offer on what Zillow has to say about the value is a surefire way to lose in the multiple offer process.
2. You understand that submitting your pre-approval letter from internet sources such as Lending Tree and E-loan is not exactly going to get the job done.
3. You understand that insulting or talking negatively about the house during the open house or in the presence of the owners during a visit is not exactly going to endear you to them during the process. You think this one would be obvious….but trust me, I wouldn’t have it on here if I did not see it happen many times.
4. You understand the importance of signing the disclosures ahead of presenting the offer and how it relates to an as-is sale.
5. You understand that if you do not have 100% confidence in your agent, neither will the sellers during his or her offer presentation.
6. You understand data points and realistic comparable sales.
7. You understand that “time” is your biggest advantage in preparing for a multiple offer situation. See new houses at the earliest opportunity.
8. You understand that the highest offer doesn’t necessarily get the property. Listen and understand the situation of the seller. Terms go a long way.
9. You understand that in this environment, the listing agent will call and speak to your mortgage broker. They should be able to leave no doubt that you will close the transaction without issue.
10. Finally, don’t be afraid to be aggressive if it is the house of your dreams, but understand there will always be another home to come along.