Saturday, July 21, 2012

Helpful Information for Buyers about Multiple Offers

After you have decided to buy your own house and have chosen among the available Scottsdale homes for sale, you now have to prepare a purchase offer to present to the seller. This is a very crucial stage as your offer may be the deciding factor whether you'll successfully get the house you want or not. The situation can even be more complicated if there are many buyers competing for the same home. Because of this, it is important to have a carefully planned strategy to be able to get the acceptance of the seller who has to deal with multiple offers. The following are some information that can help you make a plan to deal with this kind of situation:

- When a seller gets a lot of offers from buyers, there are many possible ways he can deal with them: he may accept the highest purchase offer; he may notify all the likely buyers that there's already an offer that is being taken into consideration; he may give a counter offer to a buyer while putting the others on hold while he waits for the answer; or he can just reject all the offers and only give a counter offer to one buyer.

- It is normal for listing agents to advise and suggest to the seller, but the seller makes the final decision about the purchase offers.

- There are benefits, as well as drawbacks, in every strategy in negotiating with numerous offers. For instance, if you give a low purchase offer, it's possible that you wind up purchasing the house below the price listed, which is good, but there's also a possibility that your offer gets rejected and a higher one gets accepted. On the contrary, if you present an offer that is the same as the list price, you might end up paying for the house more than what the seller might have anticipated. In certain instances, many buyers compete for the acceptance of the seller; all of them presenting full price offers. Because of this, it would be wise to plan very carefully so as to not make an error.

- Real estate agents generally give assistance to their clients when it comes to the home buying process. They give explanations about the pros and cons of the various strategies you may employ and even gives suggestion. Making the decision, however, is still up to you.

- Generally, purchase offers aren't really confidential. Sellers may tell buyers if there's an offer being considered; some make the details known to other buyers, hoping to persuade them to give a better purchase offer. Sometimes, sellers ask their agents, on their behalf, to reveal an offer to buyers.

- The listing brokers and real estate agents are both compelled to obey lawful and principled instructions from their clients. Revealing the terms and conditions of an offer is not illegal, but it may have some limitations in certain circumstances.

- There's a possibility of making your purchase offer classified. Make sure to talk to your agent about this matter. Moreover, you may create a confidentiality agreement with a seller before both parties start negotiations.

- Since your agent has some clients other than you, there's a possibility that one or even more of them have taken an interest to the same house as you do. If this happens, you should ask your real estate agent how he will deal with this kind of situation.

- Your real estate agent normally gives you advices; these are often based on his earlier experiences so there is really no assurance on how a seller will take action in a particular situation.

The process of buying a property in Scottsdale real estate is really difficult. For this reason, it is essential to be aware of any information you can learn in regards to home buying, specifically about negotiating with sellers who have multiple offers.

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