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As market activity in Long Island continues to pick up, we are going to see an increase in multiple offer situations. In order to help you make the most of these situations, we want to share some crucial information with you!
If you're buying a home today, you may find yourself in a multiple offer situation. To have success in this situation, it's very important to be prepared. By being prepared, we mean you need to have a pre-approval in hand and understand the market value of the home. Lowball offers can really hurt you in multiple offer situations; it's more likely for a seller to consider the buyer who submits a realistic offer more seriously. If you find a home that you love, you need to educate yourself on the pre-approval process and make a serious offer.
If you're selling in a multiple offer situation, you also need to take certain precautions. The first thing you should look at is the buyer's approval and ensure they are lending through a reputable bank. You also need to consider the down payment they can afford and their flexibility when it comes to closing. The bottom line is cash isn't always king! The terms of the offer may be worth sacrificing some money on the purchase price.
If you have any questions about multiple offer situations, or if you need real estate assistance of any kind, call or email us today for a free consultation. We would love to hear from you!
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