buying a home in la jolla what to do if the home you want has multiple offers

Buying a Home In La Jolla -

What to Do If the Home You

Want Has Multiple OffersBrought to you by www.LaJollaSanDiegoHomes.com

Buying a Home In La Jolla - What to Do If the Home You Want Has Multiple Offers

When markets for homes start to pick up, many buyers are likely to be caught off the sidelines.

There is usually competition for houses that result from things like low or federal economy or when certain city or neighborhood becomes popular all of a sudden.

As a result there will be increase in home prices due to the increased demand from buyers some who may exceed your asking prices or even give bonuses so as to get the home.


In situations like that, the chances of being faced with

multiple offers are high.

You will therefore need to know what to do if the home

you want has multiple offers.

Avoid over-analyzing the other offers


After you have viewed a lot of property listings and made

your mind about the home you want, the seller's agent

may tell you that there is another offer on that home.

You will need to juts concur with the agent's word but only

take it as a data point.

Do not spend too much time trying to find out what is

happening with the other offers.


If you want that particular home because you love it then

just keep moving forward at your own speed.

Make sure that you are contended with that offer and

make it only when you feel comfortable doing so.

Nobody should pressure you into making an offer so as to

complete it especially if you are not prepared to bid on it.


If you have to decline an offer, consider the risks

If you reject a reasonable offer that has got good terms

from a buyer who is able, willing and ready to sell you a

home, know that you may still owe the agent their full

commission.

This is because the agent did their part of the agreement.


If you later on accept a different offer, you will owe that

agent commission too.

Note that the commission may not be little money.

For instance, if a home you want to buy goes for 200,000

dollars and the commission you are required to pay the

agent is 6% of the cost of the house, it implies that you will

have lost 12,000 dollars plus an additional of the same

amount to the two agents you dealt with.


The focus of your negotiations should be with the seller

The agent may tell you that the offer on the home is going

at a better price, it has a quicker close or its down

payment is large.

That should not be something to focus your attention on

since the seller will still be looking at the offer and also

working with it as he or she considers other situations.


It may also be a horrible offer from an agent that is not

familiar with local protocols as well as customs.

Do not be distracted by other people that are also making

offers on the same home.

Instead, let your negotiations be with the seller and

remember that you are not negotiating with other buyers.


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Buying a Home In La Jolla -

What to Do If the Home You

Want Has Multiple OffersBrought to you by www.LaJollaSanDiegoHomes.com

buying a home in la jolla what to do if the home you want has multiple offers

Real Estate