EP192 The Return Of The Multiple Bids! The Really REAL Real Estate podcast

8M ago 28:36

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As we continue to work through 2024, interest rates are slowly starting to creep down! As interest rates continue to decline, this introduces more buyers into the marketplace. However, we are still dealing with low inventory issues and as we all know, rising demand with the same relative low supply of inventory in real estate means the return of multiple offers! Today, we revisit the concept of a multiple bid and what buyers and sellers need to know if they find themselves in a multiple bid situation! TALKING POINTS (3-5):

Introduction
What is a multiple bid?
What should buyers consider when entering into a multiple bid situation?
- If your offer is not accepted, do not be upset and wished you offered more. If your offer is accepted, do not be upset with the terms and conditions of the offer.
- Find out what is most important to the seller when it comes to presenting an offer on their home.
- Put your best foot forward, but know where you stand!
  - i.e. FHA loan with seller assist, sale/settlement contingency
- Get your pre-approval letter for the maximum amount of house you can afford! Don’t get it for the purchase price of the home!
  - Make sure you are getting an estimated cost sheet from the lender ahead of time so you are aware of your numbers before looking at homes!
What should sellers be aware of when asking for multiple bids on their home?
- Set a deadline that is reasonable and works for you!
  - Plan to meet with your agent as soon as the deadline is over to review all offers!
- Don’t be greedy!
- Sometimes, the most money isn’t always the best offer!
- Focus on the terms and conditions only of the offers!
- Respect the process and all buyers submitting an offer! Remember, there is no guarantee your accepted offer will close and the property may go back on the market and one of those other offers may ultimately end up buying your home!
Final thoughts

HASH TAGS: #buyingahome #sellingahome #firsttimehomebuyer #homebuyer #multiplebids LINKS: JASON: https://jasonwilcox.cbintouch.com/ https://www.zillow.com/profile/jasonwilcox1987/ https://www.youtube.com/channel/UCrRksfKiMNteHKYRYrinAug?view_as=subscriber https://www.facebook.com/jason.wilcox.186 https://twitter.com/jason_wilcox1 https://www.instagram.com/jason.wilcox1/ CONTACT INFORMATION: JASON: Cell Phone: 412-651-4638 Email: jason.wilcox@pittsburghmoves.com AIR DATE: FEBRUARY 23, 2024

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Introduction
What is a multiple bid?
What should buyers consider when entering into a multiple bid situation?
- If your offer is not accepted, do not be upset and wished you offered more. If your offer is accepted, do not be upset with the terms and conditions of the offer.
- Find out what is most important to the seller when it comes to presenting an offer on their home.
- Put your best foot forward, but know where you stand!
  - i.e. FHA loan with seller assist, sale/settlement contingency
- Get your pre-approval letter for the maximum amount of house you can afford! Don’t get it for the purchase price of the home!
  - Make sure you are getting an estimated cost sheet from the lender ahead of time so you are aware of your numbers before looking at homes!
What should sellers be aware of when asking for multiple bids on their home?
- Set a deadline that is reasonable and works for you!
  - Plan to meet with your agent as soon as the deadline is over to review all offers!
- Don’t be greedy!
- Sometimes, the most money isn’t always the best offer!
- Focus on the terms and conditions only of the offers!
- Respect the process and all buyers submitting an offer! Remember, there is no guarantee your accepted offer will close and the property may go back on the market and one of those other offers may ultimately end up buying your home!
Final thoughts

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EP192 The Return Of The Multiple Bids!