It seems hard to believe in this market but occasionally one house gets more than one offer at a time. Especially in the under $500,000 price range, multiple offers are much more common than a year ago. I represented buyers recently who offers slightly less than asked price within 2-3 days of a house being listed. Two other offers came in within 24 hours. The sellers asked the three sets of buyers to make their best and final offer. My clients were preapproved for $60,000 than the asking price of the hosue they bid on. They felt comfortable waiving their mortgage contengency and that made the differnce in getting the house. A disadvantage of waiving this contingency is that if the house underappraises the buyer doesn’t have the right to renegotiate the sales price. This particular house had the lowest price per foot cost in the neighborhood (sales and actives) so the chances of it underappraising were very low. It was a low-risk proposition for the buyers and it paid off. Another offer was actually higher than theirs but than got the house because form the seller’s standpoint, the lack of having to wait a month for the mortgage commitment was worth accepting less for the house.

This entry was posted on Friday, July 2nd, 2010 at 1:10 pm by John Flanagan and is filed under Buyer Tips, Real Estate Tips, Seller Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.