What You Need To Know About Competing Offers?

Summer may be over, but it still feels like a Summer Market in Maine!  Just last week, we received multiple offers on 4 different properties!  While it may be great for the seller, it becomes very stressful if you are trying to buy a property with competing offers.  If a seller gets more than one offer, they have several options.  They can accept one offer and reject the rest, counter one offer, reject all offers, or ask everyone for thier highest and best offer. 

Here are some things you should know to be prepared for a multiple offer situation.

1.  Your first offer may be your only opportunity - If the seller decides to accept another offer, they do not have to give you the chance to top that offer.

2.  The seller does NOT have to tell you that there is another offer - this means you can be in a situation where you are competing with another buyer and never know it.

3.  The seller can only negotiate with one buyer at a time.

4.  The seller or sellers agent can't tell you the terms of any other offer.

5.  The seller does NOT have to accept the highest offer - other things such as closing date, type of financing, etc...may be factors in their decision.

6.  The seller can ask all buyers to present their highest and best offer before deciding to accept an offer.

In a multiple offer situation the advice of a Buyer's Agent can be very valuable.  They can guide you through every step of the way to give you your best opprotunity to purchase your dream house!