Everyone who is buying or selling a home knows that they go pretty fast and some homes sell with multiple offers. In the last couple of days, I have encountered a couple of situations where real estate agents have set a deadline for offers but there were no offers.
If you are a real estate agent or a home seller you need to know that there is a huge difference between someone saying he/she is going to make an offer and actually getting an offer.
Let me repeat it. There is a huge difference between someone saying he/she is going to make an offer and actually getting an offer.
Generally, there is no deadline for making an offer on a home that is on the market. If someone makes an offer and there are other interested parties then there is a reason to create a deadline. Deadlines are needed when there is an offer on the table or the offerer may decide to withdraw it.
Creating an artificial multiple offer situation can result in no offers because some buyers do not want to compete in multiple offer situations.
Let me repeat this. There are buyers who will not make an offer on a home if others are also making offers.
An agent recently called me to tell me that one of my buyers may be interested in his listing but he has an offer but if my client can look at it right away and make an offer they will extend the deadline for highest and best offer. Nice!
Home sellers can only accept one offer and if it is a good offer they might want to accept it before the offer gets away.
Make sure you list your house with an agent who knows how to handle multiple offers. It could mean the difference between getting multiple offers or not.