Real Estate Myth: Multiple Offer Situation always gives Sellers an Advantage.

Real Estate Myth: Multiple Offer Situation always gives Sellers an Advantage.

Today's myth is multiple offers give sellers an advantage. Is that true? Welcome to another episode of Myth versus the Truth. Yes, today's date, all the sellers, actually not most, all the sellers are getting multiple offers. And we think it is an advantage for them because hey, I'm the king, I'm the queen, getting multiple offers. But is this really help a seller make the right decision on a contract?

Now, receiving multiple offers, does it really help the seller? I don't think so. Do you know what happens? It confuses the seller. Do you know what it's like to sit down and have to go through 5, or 10 offers and the sellers' top of mind is the highest offer, right? The highest and best offer, that's the one they are going to pick. But sometimes it's not always the right one. There's so many variables involved in the process of qualifying and purchasing a property such as inspection, appraisal, and once you're in the process, 15 - 20 days later and you find out that that buyer just wasn't the right one. Can you imagine? Now you have to go all the way back and start from ground zero. 

So the truth is you only need one qualified buyer, the true buyer. So in order to not to get confused, we do our due diligence and we know what needs to be done. But sometimes it's impossible to know. So let's try to get the best one and don't try to get multiple. The bottom line, don't think that when a seller getting multiple offers, that is the best situation. That may not be the best situation until unless the seller picks the right offer. Many times the seller ends up picking the wrong offer because it shows right. There are a lot of things that are there, but then when it goes through the inspection, the appraisal, the title search, the lien search and then we find out that this is not the right offer because this buyer is not cooperating with the seller. This buyer just made that offer very nice at the beginning, but now once the contract signed, this barrier is totally different person. So that's one of the biggest challenge these days sellers are having.

Hopefully, this information helps you. So don't get so happy when you get multiple offers. Thanks for watching, see you at the next episode of Myth versus the Truth.

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