Multiple offers!?
At this time of year?
In this part of the country?
Localized in Salt Lake City?
I’m borrowing from The Simpsons in case you aren’t a die-hard Simpsons fan.
Yes, it actually happened that this property had multiple offers after being listed for 2 days, while others sit for 60+ days. My Buyer and I went to the open house on Saturday where the Listing Agent gave me the details about why the house was for sale.
The Seller needed to move fast because they are behind on payments and they are working to keep from being foreclosed on. The house was $40,000 under market value, so we knew it was a deal!
Apparently, we weren’t the only ones that knew it was a deal. This house was priced aggressively and of course it received multiple offers. Some of the offers we had to compete against were cash offers with closing in 7 days.
That presented a bit of a challenge, but nothing my Buyer and I weren’t up to.
Moving fast with inspections and financing was going to be key to winning this house. I set up the inspection ahead of time with the inspector the Buyer chose. The lender was prepared to move fast too. I knew it was going to be tough, but I had a plan.
Then, before all offers were due, I spoke to the Listing Agent again and dug around for what would make a winning offer.
I called the lender the Buyer is using and discussed the information I had to help guide our client with making his best offer. Then, I called my Buyer and told him what I knew, the options he had to craft an offer, what I thought might work best, and then let him decide on how to move forward.
We ended up writing a strong offer – or, at least I thought it was a strong offer. The issue was we needed to receive concessions from the Seller. We needed the Seller to pay for the closing costs, and the best offer we were competing against was not asking for the Seller to pay the closing costs.
It was going to be tight.
I was positive about what we put together. I wasn’t fully confident we would get accepted. And then…
I got a call right before 7pm on the day we submitted our offer and the Listing Agent told me our offer was accepted! 🎉
We landed this property under it’s current market value! It was a bit of a nail bitter.
The best part of being a Realtor is when you get to tell your Buyer that they are under contract on a house they love. His response when I said, “are you ready to buy a house?”
“F yeah!” 😎
