Browsing Tag

Bidding Wars

APR in the News Buyer / Seller Information

What do you do when your clients are outbid?

July 28, 2014
Agents Sound Off

James Sherman

Question: What do you do when your clients are outbid?
Answer: This is a common situation in the red-hot Bay Area real estate market.
The first question I would recommend any potential buyer to consider would be, “Is this really my highest number, or is this the top number within my comfort zone?”
With today’s low interest rates and tax advantages of buying a home, a higher mortgage may be much more affordable than it first appears. Speaking in detail to a tax accountant, as well as your loan agent, will help to give you the full financial picture. If the number truly is your best offer, the tried-and-true personal letter to the sellers, submitted with your offer, can make the difference, especially if other offers are relatively close.
Sharing how much you love the home and what the current owners have done to the property (and that you are not a developer or flipper firing up the bulldozer) can help put a personal touch on you and your offer.
Read more opinions on SFGate.

APR in the News Buyer / Seller Information

How do you keep clients buoyed when they are repeatedly outbid?

May 27, 2014
Agents Sound Off
Marsha Williams
San Francisco

Question: How do you keep clients buoyed when they are repeatedly outbid?
Answer: The most important thing is to set expectations up front, and let buyers know they may be in for a marathon instead of a sprint!
San Francisco is a top-tier city, and as a buyer in this market, they are most likely going to be in a competitive situation. Buyers need to always put their best offer on the table, and if they don’t get the property, they can’t take it personally. The buyer needs to stay focused, keep a sense of humor and realize the law of averages will eventually be on their side: The more they shoot, the more they’ll score.
I encourage buyers to keep an open mind regarding neighborhoods and criteria that suits their needs.
Buyers get caught up in the excitement of the “new” inventory every week, but often there are good properties that have fallen off the radar. Those properties may have been overpriced to begin with, or just lost in the shuffle – but one shouldn’t ignore real estate that has been on the market for several weeks.
In addition, I always keep an eye out for “off market” or pocket listings – buyers want to work with an experienced local agent who hears about these listings, either through Top Agent Network or their relationships with other agents.
Read more opinions on SFGate.