Multiple Offers in Buyer's Markets Are Not An Abnormality

Nobody seems to give much credence to multiple offers in a buyer's market, but a fairly good chance exists that after a buyer has toured all the available listings and decides to make an offer, another buyer is right behind.

I can't count the number of times I have witnessed this phenomenon. A house can sit on the market without any action for months. Soon as a buyer decides to purchase it, though, multiple offers jump out of the woodwork.

Smart listing agents use that multiple offer situation to their advantage. Say there are two offers. Both are low-ball offers. Even knowing one buyer will not respond, a seller in California, for example, can counter both offers. By using leverage created by multiple counter offers, it serves to make the serious buyer think the other buyer is going to win the deal. Sometimes the pressure is enough to make the serious buyer come up in price or concede on terms. Here are tips on writing and receiving multiple offers . . . read more

More Articles by Elizabeth Weintraub, click below:

• Contingent Contracts
  
• Lowball Offers
  
• Selling By Owner

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