Contact Howard!

Contact Howard!

Howard Harris Real Estate Expert

Current
Mortgage Rates

Archives

Categories

Can I Find Out What The Highest Offer Is If There Are Multiple Offers?

Jul 06

filed under: 2nd Home Buyers, Buying A Home, Market Conditions, Real Estate

If you are shocked that I am putting this question forward in the first place, don’t be. At the present time, even in this “down market” multiple offers are occurring on properties for sale throughout the Phoenix area, including Fountain Hills. Why, because inventory is low low low, prices are low, and interest rates are low. A real estate “perfect storm” of sorts.

Here’s the deal, foreclosures are fewer and new ones are not coming on the market fast enough, delinquencies are starting to go down, and homeowners who would love to sell can’t because they’re underwater on their mortgages, so forget about replenishments from them. So we have buyers that are first time buyers, 2nd home buyers, buyers who were fortunate to sell their home and are looking to purchase another home and investors all vying for the same property.

Its not unusual to submit four to five offers for a buyer right now on different properties because they have lost out on a prior property because they did not have the highest offer. Buyers want to know if they can find out what the highest offer is before they put in their offer. Makes sense, who wants to bid against themselves. Unfortunately, unless the seller gives written permission to reveal what the highest offer is, and this is extremely rare, the answer is no, you will not be able to find out what the highest offer is.

As a RealtorĀ® that does exclusive buyer representation, it is often difficult in these instances to advise a buyer of what their highest and best offer should be. I can provide you with the comps and analyze them with you, but beyond that when it is all said and done you need to determine what your best offer is and how badly you want the property.

Keep in mind as well that the highest offer may still not get the property. There are other factors that a seller will weigh that could influence their decision about an offer besides price such as; an offer with financing vs. a cash offer, a closing in 30 days vs. a closing in 45-60 days, an offer where the buyer waives the home inspection, something you should never do, vs. an offer that requires an inspection.

So as far as finding out what the highest offer is, you may never know the answer to that question because price may not have been the only factor that caused the seller to reject your offer and accept someone else.

 

 

Written by Howard Harris