In the end, coming out on top largely depends on the highest offer. But one Realtor also calls the seller’s agent to see what the seller considers most important.
PORTLAND, Ore. – Windermere Realty Trust broker Sarah Renard details how she helped a buyer win a 20-offer bidding war in Portland, Oregon, and offers advice for agents in similar situations.
Her client, a first-time buyer, found a three-bedroom residence with backyard space for her dog in a market characterized by few homes for sale, skyrocketing home prices and eager buyers.
Renard’s first move was to look at homes with the expectation that they were going to top the asking price, thus positioning the client to be a strong contender in potential bidding wars.
“We’re just making an assumption that most of the active homes are going to go somewhere between 7% to 10% over asking right now,” Renard says.
Once the client decided to bid, Renard reached out to the seller’s agent to ensure the price range was competitive. She also recommends that agents ask the seller’s agent what terms are most important to their client.
Although making a high enough bid is undoubtedly the most important element in a bidding war, Renard says other factors can be considered; examples include appraisal gap coverage and waived repair requests.
She also recommends that agents ensure their buyers have a “must have” and a “nice to have” list so they can trim down the number of homes they need to show buyers.
In addition, agents should make sure buyers are pre-approved and know enough about the housing market to determine a house’s value to them.
Source: Inman (06/21/21) Brandt, Libertina
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