How to win when there are multiple offers (buyer tips)
Posted by Tony Kawaguchi, RA on Tuesday, May 12th, 2009 at 2:11pm.What if there are multiple offers and I want to make sure I get the property? Sometimes you're not as concerned with getting a good price as you are about just getting the property. Sometimes you want to make sure you're the highest bidder.
When there are multiple offers on a property, I want to be the last offer in. I'll ask the seller how many offers they're getting, and when they will present the offers to the seller. A lot of times the sellers of Hawaii real estaste are off island which makes it difficult for the agent to meet with the seller. So it's important ask very clearly, "What is the latest I can get you the offer?"
Then before I send my offer in, I'll bluntly explain to the what our offer is, and ask "Is this offer going to be the best offer?"
If they say no, I may have to revise the offer in some way, depending on what information the listing agent gives me, and what the buyer is willing to do.
In each circumstance, you have to be aware of what the seller's mindset is, and make sure that you know all the facts. Getting information from the seller will help you to get the best deal you can get.
Sometimes if the buyer really wants the house, I'll include an escalation clause that outbids the other offers by around $1000 up to a certain limit. It works.
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