Palm State Mortgage Helps Family with Multiple Officers.Palm State Mortgage Co. has chosen the hot steaming summer topic of Multiple Offers for today’s blog. We have been seeing a hot steamy summer in more ways than one this year.

Right now, the market for homes is pretty hot and mortgage rates continue to simmer at a fairly steady temperature.

Many of our home buyers and mortgage seekers are in the financial situation of only being able to buy their new home if they can sell their old home.  Fortunately, this is a good situation for them, because the construction industry is still catching up with the housing demand.

This makes your “old home” a hot commodity.

 Multiple Offers Require 4 Major Strategies

In order to handle multiple offers to the best of your advantage, as a home owner, Palm State realizes you will rely a great deal on your realtor.  However, you should be aware of 4 basic strategies that best serve your purposes.

Multiple Offers Strategy # 1:

Accept only the highest bid.  This would seem to be common sense.  However, in many of the hottest US markets, 20% to 50% of high bidders back out of the deal before closing.In Orlando, Multiple Offers Thrives in Summer's Hot Market 2016

The Denver Post reports that buyers and sellers are seething with more than warm frustration over the large amount of sales that are falling through.  This is especially true in Multiple Offers.

It seems that some buyers will make high offers, thus winning the game of multiple offers.  They lock in with an offer on your property, but then, “they do a little side step” to find ways out of the deal.  To make a deal work, both the buyer and the seller must compromise a little.

Some Realtors are suggesting home owners request runners-up, in the Multiple Offers Game to submit back up bids.  This means one or two losing bids will win a second chance if the 1st winner’s deal falls through.  We also suggest that if a bid is way over your asking price, you investigate the potential buyer.

Multiple Offers Strategy # 2:

Our 2nd hottest strategy for home owners is to make absolutely sure, they ask potential buyers to make only their best offer.  This is like revisiting the bidders to weed out less serious ones.  This valid method of narrowing the field may turn off a few prospective bidders.  However, they may not have been good faith offers anyway.

Don’t let flashy offers blind you to good steady buyers with fine records of employment and good credit ratings.

Palm State Mortgage teaches Orlando sellers the basic strategies of multiple Offers.Multiple Offers Strategy # 3:

Be the boss of the home you own!  In citing the Denver Post article, we have already indirectly suggested our strategy for Multiple Offers # 3.  In this procedure, you reserve the right to counter one offer, sideline others and reject still others.  Using this method, you can focus on your “best-of-the-best” bidders.

When you counter an offer, think of the fact that you are giving a bidder the opportunity to increase their offer and still present you with a fair deal.

Palm State Mortgage will be bringing you Part 2 in our next blog.  Thank you for reading Part 1 of Multiple Offers and keep those offers sizzling.