Prepare for Multiple Offers in Gainesville FL
With new listings that come on the Gainesville market, that show well & are priced right, are MOVING FAST. I’ve experienced this twice in the last week with different buyers and different homes. This has made me want to write a post about a buyer’s need to prepare for multiple offers in Gainesville.
Depending on the price range you are searching, you may be part of Gainesville HOT Spring market. Gainesville homes priced under $ 250,000 is our hottest market. Our current inventory of active listings is low, and there are many buyers hoping that the number of homes for sale in Spring will increase to keep up with demand. Currently, we are experiencing multiple offers on homes that come on the market.
Last week a new listing in Haile Plantation came on the MLS system on Friday morning, with showings allowed starting Saturday. By 2pm Saturday afternoon, there were 5 full price offers, including one of my buying clients. The listing agent advised that the seller accepted the “cash” offer over the other others. It’s hard to beat a cash buyer, but be prepared!
Multiple Offers can be very frustrating to home buyers. If your agent thinks/expects multiple offers on a new listing consider these tips on making a strong & clean offer. The sellers WILL be comparing offers, and it’s not always just the price. Other terms of your offer will be compared with other offers.
So let’s talk about how to prepare for multiple offers:
- Buyer must have a current pre-qualification letter from a local lender
- If a cash purchase, use quick closing date and large binder deposit
- Make your offer using our AS-IS with right to inspect format
- Limit your inspection period to a 15 days maximum
- Show a strong escrow binder amount (more is better)
- Do not ask for seller concessions
- Expect to offer full price (after discussion with your agent about values)
- Do NOT make low offers
- Limit contract to close to 45 days
- Ask your agent to contact the seller’s agent to inquire if there are other offers
- Ask your agent to provide a cover letter about you. The sellers may want to know about YOU
Let’s Talk About Your Plans for Buying a Home in Gainesville This Year!