Oh Sh!t Offers
Multiple Offers & Staging
Well Spring has SPRUNG…its been an interesting spring market thus far. Yes! Spring Market is in full swing.
Shelley and I have been busy showing homes and writing offers, while the homes are selling under our feet! This can be very frustrating for not only us…but more importantly, our Buyer clients. I’ve been in a few multiple bid arenas in March, with little to walk away with except the understanding that what ever we offered was just not enough! Its not just $1000 or $2000 for every offer on the table (which was a good gage in the last few years in the Barrie area)…its much more and then sometimes not. Its truly unpredictable. For investors is tough too as the motivation is very different. There is no emotion and just the numbers need to make sense. A recent bid on a townhome did not come to fruition as it sold for $15K over asking with 3 offers on the table. Another bungalow, not super special, sold for $20K over asking on a busy road, and yet another townhome sold for $11K over asking with 7 offers….so random. Essentially, buyers looking under $400,000 right now, frequently run into competing for the home and they have to be prepared and ready. So here is some experienced advice:
When the seller receives more than one offer, THEY are steering the ship and they have several choices:
- Work with the best offer
- Send back some or all offers and ask them to improve their offers
- Accept one offer
- Work with one, while holding the others
When competing with other offers, it is important to reconsider your bargaining strategy and remove, or reword as many conditions as possible to improve your offer.
Buyers should also be prepared to make their “Oh-Sh!t” offer for the property from the start. Meaning…if we tell you “Sorry, it sold for “x” amount ” and you say..”Oh Sh!t I would have paid that! Well, then that number needs to on paper in the first place. No regrets, you did your best.
Its important to note that during the process that no disclosures are made between parties, so no one knows, except the Seller and their Realtor®, what the other offers contain.
** Its also important to note, that these rules and ethical practices apply to Brokered transactions. When dealing with Private Sales or Mere postings. rules and ethical practices do not always apply for the seller as they are not regulated or being represented by someone who is licensed and regulated.
Getting your home Ready for Sale
Less is NOT more….Staging can be tricky. In addition to running around with buyers, Shelley and I have been busy pricing homes, listing and Staging homes. I’ve never had so much stuff out of my house and into others! As well as our Stagers inventory. Thanks Elaine.. Packing personal items, photos and little Nik Nak’s and clutter is critical. But sometimes this leaves little to show in the home and the house feels cold and unwelcoming. Space needs to feel fresh, warm and homey. Its a difficult balance for some. Lighting is also critical. GET RID OF YOUR CFL Light bulbs! Take a gander at the information below for some great advise.
And remember, we are always here for your questions, concerns, and valued Referrals! Have a great April. Can’t wait to see the tulips pop out.
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