CASE STUDIES: Multiple Offers

As many of you may have heard, buyers in the Austin market often face the challenge of competing against other offers for the house of their dreams. This can be a stressful ordeal and is one of the many reasons home buyers in Austin should interview multiple agents before moving forward with a real estate professional. A great question to ask in your discussions with these real estate professionals is, “how do you set your clients up for success in a multiple offer situation?” 

Case 1: The Power of a “Letter to the Seller” 

As mentioned in my last blog, a letter to the seller is a letter written by the buyer(s) addressing the seller(s) of the home. In this case study, our clients took the time to write a personal letter to the seller, selling a highly sought after home on the east side. It had been on the market for just a few days and had already received multiple offers. The seller happened to be an investor who never lived at the property. Knowing this, one might assume  that a letter attempting to pull at this seller’s heartstrings wouldn’t be necessary. However, our buyers took the time to write one nonetheless. They included a picture of themselves next to their beautiful German shepherd and talked about how much their pup would enjoy having this specific backyard. Unbeknownst to us, that investor had a special place in her heart for dogs. Consequently, our clients won the multiple offer situation with a slightly lower offer price than others! Money may talk, but don’t forget about the power of common ground. 

Case 2: Time Is of the Essence 

As mentioned in my blog “Multiple offer situations,” this unbalanced, seller’s market is not conducive to winning offers with buyers that move too slow. This past Spring 2017, the real estate market in south Austin was quite the battlefield. My buyers were such troopers as they entered into the chaos with me. I always strive for the buying experience to be smooth, surprisingly easy, and comfortable for our clients— even in multiple offer situations. Something that is crucial in making that experience come to fruition is moving quickly. As much as I like to preview properties prior to showing my clients, It can sometimes be more advantageous to see it immediately. Your realtor needs to understand the specific area extensively to make that call. I had a couple looking in the 78745 that missed out on their dream home because they weren’t able to see the home until a few days after it hit the market. As I was showing them the property, I received an email letting me know an unexpected offer came through on the property that the seller couldn’t pass up. It was taken off the market as we stood in the home. The folks that see their options quickly have an edge in this market. Time is of the essence. 

Case 3: Trust Your Agent 

Once you have interviewed multiple agents to help you purchase a home and have made your decision, you have to trust that real estate professional to do the job you hired them to do. We had a client that found her dream home after a  lengthy search. We helped walk her through the different terms  to craft a compelling offer that had a fighting chance against the other offers already out there. Despite our advice to do XYZ, the client chose terms that were contrary to our suggestions. Unfortunately, our client’s offer was not selected. Be sure to take the time to ask questions, spend facetime with, and learn about your agent so that you can trust them when they guide you. Ultimately, it’s your decision to move forward with the terms of the contract, but a great real estate professional  will be able to work with you to create the most compelling offer in line with the market value. As our team leader, Kristen, always says, “we don’t want to win against crazy.” If our clients do not get a home because a buyer came in and paid way over market value, let them have it! 
As I mentioned, it is very important to interview your buyer’s agent for one of the most important transactions of your life. Please email us at info@wgrouprealestate.com to set up a time to talk and learn about what the Williamson Group could do for you!