Colville Real Estate Agents

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It is fairly common for first time homebuyers to experience difficulty in buying a new home.  Often, they find themselves often being beaten out by other homebuyers on the properties that they like.  Not surprisingly, they often consider making multiple purchase offers.  After all, this seems like a good plan.  They figured they would have a better shot at getting the house that they like.  This may sound sensible, but is this a good thing to do?

When Do People Make Multiple Offers?

A buyer’s apprehension is fairly natural.  People want the best house that they can afford, and it can be frustrating to lose a house they really want to somebody else.  So, it is not surprising that homebuyers consider making multiple purchase offers.  But how do you know if it is a sensible thing to do or not?  Can you do this or not?

In order to know for sure, if you are allowed to make this kind of offer, you need to know what kind of market you are dealing with.  If it is a seller’s market, buyers are expected to do multiple offers.  Why is this so?  This is really because there is a low inventory of homes in a seller’s market.  The absorption rate is consideration low as well.  Homes sell fast and the only recourse of buyers is to make multiple offers.  Homeowners are then given the chance to choose the highest and best offer from among the multiple offers.  Unfortunately, this means rejection for other buyers.

Drawbacks to Making Multiple Offers

There are some drawbacks to giving multiple offers.  You may want to consult with a lawyer first.  Homeowners may think that you are not reliable.  Making multiple offers may be thought of as a breach of good faith.

This could also result in multiple offer acceptances.  If you want to make several offers, you have to make sure that the contract contains contingency clauses.  This would allow you to cancel the contract without undesirable consequences.  Otherwise, you could end up with a huge source of headache.  Sometimes, sellers require buyers to give earnest money.  If you refuse to give the same, the sellers may not give your offer much thought.

If you have questions about multiple offers, try to consult with your Colville real estate agent or lawyer, so you can get the best advice.  These people are experts when it comes to purchasing homes and they know how you can get your home without suffering undesirable consequences.

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As a homebuyer, it can hurt to have your offer rejected especially if you really like a certain property.  This is particularly true if you can afford to buy a certain property.  It can be heartbreaking to hear the Colville real estate agent say the word, “No.”  If you are dead-set on buying the property, you will be likely wondering why the seller rejected your offer.  Here are a few reasons why property owners reject some buyers offer:

#1 The Buyer’s Offer is lower than the Property’s Listed Price

If you offer an amount lower than that of the listed price, you should expect rejection.  Unless your offer is the highest of all the offers that the property has received, it is doubtful if the owner-seller of the property will accept your offer.  He or she will likely feel insulted.  The seller’s Colville real estate agent will frown at your offer as well because this would mean a lower commission fee for him or her.  Lower-than-list offers may also be ignored if the house is new in the listing.  The seller may feel that it is too early to consider a low offer.

#2 The Listing Agent Represents Another Buyer

It happens.  No matter how much you offer a listing agent and the seller, you would still likely lose the property if the listing agent represents another buyer.  When this happens, the listing agent earns from both side of the deal.  Of course, his or her commission from the seller will be reduced.

#3 You Did Not Meet the Requirements and Needs of the Seller

Before you make your offer, you should consider calling the listing agent first.  It is a good idea to find out what the seller wants first.  You should inquire about specific requirements that the seller may have.  If there are requirements, you might want to include them in your offer.  So, for instance, the seller requires a long escrow, you should consider offering a closing date.  If he or she requires a substantial amount of earnest money, you should consider increasing the amount of your deposit.  Make sure that all the financing terms are met if the are any.  If you really like the property, you can even offer to buy the house “as is”.  Consider the repairs first before you actually do this.

These are a few of the reasons why the seller may reject your offer.  So, work with your Colville real estate agent in order to get your offer approved.

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Sometimes, you would hear homebuyers complaining of outright rejection of their offers.  This is the same everywhere even in Colville.  Unfortunately, they do not realize that they or their Colville real estate agents may have caused this rejection because of a lowball offer.  It is important that you learn how to avoid making mistakes when you give this type of offer.  You can also make sure that your agent does not commit the same mistakes.

1. Failing to get in touch with the listing agent.  Do not underestimate the huge help your listing agent can give you.  He can offer valuable information that can help you write a good offer in a way that the seller will find it difficult to resist your offer.  Make sure that your Colville real estate agent gets in touch with the listing agent first before you do anything.  For all you know, the property may already have been sold.  It is also important that you inquire about the other offers that the property might have received.
2. Failing to give a satisfactory amount of earnest money.  If you want the seller to take notice of your offer, you should make sure that you offer a substantial amount of earnest money.  This usually means 3% of the property’s selling price.  Do not give a low deposit with your lowball offer.  It will only be ignored.
3. Appearing too desperate.  If you are going to submit a lowball offer, make sure that you do not attach a letter begging the seller to take the offer.  Sellers want to make money and they do not really care if the property is your dream house.  Make sure that you appear in control, so that your offer will not be taken for granted.  If you are going to send out a letter of plea, make sure that you can offer a really good amount of earnest money.
4. Submitting fake comparable sales report. If you are going to compare the home’s pricing to other similar properties, make sure that the report is valid and comparable.  Otherwise, you might want to avoid doing this altogether.  You will likely end up losing the house.  This is particularly true if the house is priced sensibly.  You will only end up insulting the intelligence of the Colville real estate agent working for the seller.

The next time you decide to make a lowball offer; make sure that you and your Colville real estate agent avoid making these mistakes.

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