As a buyer, finding the right North Shore real estate and deciding to place an offer can be overwhelming enough without the stress of discovering you’ve entered into a multiple-offer situation. Yes, in this market it is very common to find yourself competing against other buyers.

Purchasing a house is emotional, and when it comes to having to negotiate for your dream house, you need to keep a level head and understand your options. Be prepared for the following scenarios:

 

The Seller can just accept the best offer

If it’s a property that you absolutely can’t let slip away, you might want to give the seller that little bit extra to seal the deal. There is a chance you could get a deal with a lower bid, but you need to talk with your North Shore real estate agent and decide if it’s worth taking the risk. You could also end up paying more than the seller would have accepted, but at least you’ll have the house.

The North Shore Real Estate Agent must let all parties know that there are multiple offers

In this case, you know there is competition. That means there’s a chance, even if you do give them their asking price, that you might not be the only potential buyer putting in a full price offer on the home.

The Seller can counter one offer at a time only

If your offer is the one that’s being countered and you know other parties have placed bids, it’s likely you’re the highest bidder. You’ll want to negotiate with the seller and hopefully meet somewhere in the middle. The other buyers will be waiting in the wings if you do not meet in the middle and finalise the negotiations quickly.

The Seller can accept one offer and reject all others

All you can do is hope that your offer is the one the seller accepts!

 

There are advantages and disadvantages to all of these scenarios, but make sure you take each into consideration before submitting a proposal or counter-offer. Also, talk to your agent and ask how multiple-offer negotiations are handled by the agency that has the house listed for sale.

When bidding on North Shore real estate with multiple offers, you’ll have to move quickly. Have a plan and be prepared for any and all situations.

If you’d like to speak with an agent who is a skilled negotiator, including multiple-offer negotiation, please call me at 021 85 84 83 or email me at jason.yianakis@harcourts.co.nz