Multiple offers are back….ugh! How do we agents prepare our buyers for the realities of multiple offers again? Preparing them is the key here to a successful transaction. Some tips for managing buyer’s expectations BEFORE they make the offer include:
1) Meeting with your buyers and advising them of the current market conditions. If buyers understand upfront what to expect they are much less anxious about the process and tend to handle the rejection of not getting their offer accepted much better.
2) Advise your buyer to be prepared for the bidding process. Have all your loan paperwork ready-to-go. When presenting your offers include along w/ the package copies of pre-qualification letter, FICO scores (especially if they are high), & proof of funds – this makes you a much more believable candidate. And as an agent, it makes you someone who shows they are “ready to go.”
3) Have the buyer know what top price it is that is “out of their range.” That way, if the property sells for more than that price, they won’t be too dissappointed as they will know that it just was too expensive for them. Be prepared as a buyer to pay your top price. It is dissappointing to find out a house sold to someone else for a few more thousand than you offered.
4) Keep up a positive attitude when trying to find the right house. It can be discouraging when you are in a price range where there is little inventory and those that do come on the market sell quickly, in multiple offers and not to you. The right house will eventually present itself and you will be ready when it does.
5) Work with an agent who is determined to help you find a house…one who does not get discouraged. Part of the agent’s job is to encourage you and stand behind you – no matter what the circumstances are and no matter how many times/offers it takes to get you the right house.