APR in the News Buyer / Seller Information

Do I Still Have A Chance if I’m Not the Highest Bidder?

March 30, 2015
Agents Sound Off
 

David Gunderman & Andrew Raskopf
Oakland Hills – Montclair Village
510.205.4369
dgunderman@apr.com
araskopf@apr.com

Question: Do I still have a chance if I’m not the highest bidder?
Answer: The highest bid almost always wins. Almost.
If you have the ability and the wherewithal to match your competition, there are ways to approach the terms and presentation of your offer to secure an opportunity to prevail in a counter offer phase (but never assume you will get that opportunity as you draft your initial offering.) One of your agent’s responsibilities is to try to find a way to get the seller to give you the opportunity to match or beat the best offer if it is not yours. There are also instances where the seller values something more than top dollar (i.e. a smoother closing, better terms, or they choose to bequeath the home to someone who has tugged at their heartstrings). In addition to assessing value and analyzing disclosures, it is important that your agent find out what the seller values and you should consider including a letter with your offer that builds emotional bridges to the seller while remaining true to who you are.
Lastly, relationships matter in real estate. Lower offers can prevail when the listing agent and seller trust the lender and/or the buyer’s agent to get the job done, especially if the highest offer seems uncertain.
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