Keuka Lake – Multiple Offers ?

Yes, multiple offers are back, and it’s a sign that the market is warming up.  As either a buyer or seller, I have a few recommendations for you.

How To Handle a Bidding War  – A Few Tips 
Sellers:

• The highest offer isn’t always the best offer.You want to take a look at the contingencies in the contract.  They could cause delays and more costs.

• Make your decision quickly.

• Do not decide to start looking for more than your asking price, the bidding can stop at any time and leave you with no offers.

• Always be mindful that you do need a buyer, so keep their interest in mind.

Buyers:

• Start with your best offer. A lowball offer will put you out of the running immediately – offer your best fair offer.

• Earnest money can make a difference. Increase your earnest money deposit to show the seller you are serious about closing and will not back out of the transaction.

• Pre-approval is a must in any market, and more so in a hot market. A mortgage pre-approval (or proof of funds for cash buyers) is a necessity.

 • Find out what’s important to the seller. Ask your broker to find out the seller’s hot buttons in the transaction. Is the seller set to move ?  Are they looking at purchasing another home once they find a buyer for their current home?  Maybe they’re willing to accept a slightly lower price for a fast closing or an “as-is” contract.

• Sometimes you will want to waive contingencies. Depending on the condition of the home, your finances and/or the state of your local market, it may make sense to waive certain contingencies, such as a home inspection or mortgage financing. Waiving contingencies is something you really want to think out. 

As I was putting together this blog, one of my Keuka Lake property listings became fodder for a bidding war.  It came out of  left field and caught me by surprise. It has been quite awhile since I have seen this type of market.  It is actually very difficult for the seller to make a decision with multiple offers, especially when they know the parties . Staying professional and reminding your seller of their objectives will help them make the best decision for their needs.

 Contact me anytime, and remember I always appreciate your referrals.

This information brought to you by Mary St.George, Associate Broker, Wine Trail Properties, 315-719-8377

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Mary St. George