Today I’m talking about how buyers in this market can navigate multiple-offer situations.
So you're a buyer looking for a home, and maybe you work Monday through Friday, 8 p.m. to 5 p.m., and your agent texts you at 10 p.m. saying the perfect house just hit the market. If you've been a buyer for a little while in this market, you've probably gotten to that house at 6 a.m. only to find that it's already sold. We’re seeing buyers getting burned out from things like this. How do you handle that?
I always want to inspect a house before putting an offer on it. Any Arkansas real estate association contract is going to have an inspection period. If a good house hits the market at 10 a.m. but you can't get there until 5:30 p.m., go ahead and write the offer at whatever price you're comfortable with. It may get rejected or thrown out, but at least you're on the hunt.
"We’re seeing buyers getting burned out from things like this."
Write the offer contingent upon your inspection. Having an inspection doesn't mean you have to find something majorly wrong with the house to walk away from that contract. Your inspection can be you walking in and saying that the bedroom's too small, the layout doesn't work, or the kitchen's just not exactly what you wanted. The inspection contingency is a strategy that we have used in the past, and it works out very well, especially in a hot market like today.
Another trick we have is when you write an offer, be flexible on the closing date. If you can tell a seller that once we close you’ll give them X more days to move out, that won’t cost you any money, and it will make your offer look so much better. If you have kids, write a letter to the seller about how you can see your kids playing in the backyard and all those memories being made. A heartfelt letter will go a long way with an offer as well.
If you have any real estate questions, reach out to me and let me know; my cell phone number is (870) 919-4968. If you're thinking about buying or selling, I’m here to help. Have a blessed day, and we'll talk soon.
