It was a wild and crazy ride. You hear that it is a slow market these days. I have been in 3 multiple offer situations lately.
This past weekend was a real nail biter. I was representing a buyer in a multiple offer situation...it was especially tense because they live out of town , and I have to relay everything long distance,- 3 hours time difference. It was like a good movie. Suspense, surprise, mystery, missed connections, high emotions, multiple high spirited personalities, and for me...and especially my buyers, a HAPPY ENDING! I think it is good to report that the market is alive and well in many respects.
It was a total adrenaline rush for 48 hours. I have been on the other end before too, when my buyer has not gotten the house and that is a real let down.
I advise my buyers to use escalation clauses when in a multiple offer situation. In this case, the seller chose to counter rather than use the escalation. It became very tense and confusing. Now that we got the house, all is good and I am believing that they will live there happily ever after!
BethAnn Long ~ Tomlinson Real Estate 509-362-4607
Spokane Wa Real Estate www.spokanerealestatevoice.com
Search Spokane Homes for sale at : www.bethannhomes.com
BethAnn Long ~ Spokane Realtor- Coldwell Banker Tomlinson South Inc.
509-362-4607
...there's no place like your home!
Congratulations, Beth! Working long distance is challenging. I just finished negotiating a new home construction sale with a couple in Japan - and all our correspondence has been via email. It puts a lot more responsibility on us to explain everything very clearly.
Sharon
Good job Sharon!
Great job hanging in there for your clients. I've been in some of these multiple offer situations and it's definitely nerve wracking to find out if you were wise enough to get the price and terms just right for the seller. It's also good to know the Spokane market has picked up. Do you see strong sales in all the price ranges?
Thanks for the post.
We are starting to see the same here in Los Angeles. Lots of multiple offers. Especially in certain areas and/or price ranges.
I'll have to start using escalation clauses myself.
Thanks so much for reminding me.
I hadn't really seen any offers with an escalation clause until this past week, but I'll certainly consider mentioning that to my clients.
I think a lot of agents are finding certain price ranges are still alive and well and you have to be prepared for multi offer situations. The problem I've been hearing lately is after the multi offer situation and the price is driven up, the house no longer appraises and then you are back at square one. (I hope that doesn't happen, but be prepared)
Great job for winning the contract. Hopefully the rest of the transaction will go smoothly. Getting the range of value agreed to with your buyers ahead of time was also clever. With multiple offers there's always the gamble and in the end it comes down to the information you provide the client so that they can make a good decision, and their desire to get the house at reasonable costs.
As long as the asset companies and mortgage companies withhold the "Shadow" inventory we are going to see multiple offers. The market may even correct itself sooner and trend upward if we are fortunate.
Glad to see the West Coast is experiencing the same increase in home sales as the East Coast. we may pull out of this meltdown sooner than later.
BethAnn, I've been seeing this a lot more as the bargains begin to be picked over. I thought I would never see multiple offers again...