Sunday, September 06, 2009

Agents Expertise in Managing Multiple Offers is Important!

If you have been trying to purchase a property in the Ventura, California area in the last several months and that property falls between the price range of $100,000 to $500,000, you have probably found yourself competing with others buyers!
We are experiencing a battle over these properties right now and it's no secret that a strong offer---high price, all-cash, no contingencies is what is winning out most of the time.
However, something that buyers need to know is how important it also is to choose an agent that knows how to win a bidding war.
1. It is important for the buyer's agent to have a good rapport with the listing agent. Choose an agent that is willing to create this rapport when submitting your offer.
2. Make sure your agent has you prepared for a multiple offer situation. Your agent should be forewarning you and discussing strategies and educating you on the process and possible outcomes. Overbidding is prevalent and it helps to have an agent that can assess the listing price and whether you need to overbid it or not and how much.
3. You need an agent that can also assess the competition! This is highly important.
If they have a good rapport with the listing agent, your agent can find out things like how many offers have been received and what it will take to get your offer accepted. While buyer's agents generally aren't told specifics it's still often possible to size up the competition.
4. Presentation of your offer needs to be strong! It should be submitted with a cover letter explaining why the buyer really wants the home/condo, a loan preapproval letter, and sometimes a buyers credit report.

Charm alone can go a long way! So, choose an agent that you know will go to bat for you. One that is positive, helpful and friendly!

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