Not long ago, the Summit NJ real estate market witnessed many bidding wars on properties. Gleeful sellers would get multiple offers, each topping the last. Tenacious buyers would keep upping their offers to beat out the competition. While we don’t see that so much these days, we are still seeing multiple offer situations. The more recent pattern is to see several offers just at or just under the asking price.

A multiple offer situation can be awkward for both parties. It can be heartbreaking to learn that someone else is just as in love with your dream home as you are. It’s also difficult to decide which offer is the best offer if you are a seller. Your Summit NJ realtor can help you navigate this awkward situation so trust her advice.

Don’t fall prey to greed or competition.
As a seller, it’s tempting to grab the offer containing the highest dollar amount and rubber stamp it “accepted.” However, a high offer might not be a strong offer, so don’t be led by greed. A buyer who is financing is preapproved and who has a solid down payment is a much safer choice, even if their offer is slightly lower. You don’t want to go through the whole process and only to find out their financing fell through. By then, your other offers will have probably found a new favorite among the many Summit NJ listings.

As a buyer, have your financing in place and earnest money ready to show sellers you are serious. Have your lender prepare a letter of preapproval to show you are qualified and capable of making it to the closing table. Be prepared to write your best offer if there are other offers on the table but don’t make it into a contest. There is plenty of inventory on the market so keep your perspective.

Don’t dilly-dally, waffle or stall.
When more than one offer is in play, it’s not a good idea for either buyer or seller to waste any time. If you are the buyer, be sure that this is the house you want and make the offer. Write your first offer quickly and with confidence. If you spend days making up your mind, someone else’s offer might be accepted while you’re dithering over the price.

As a seller, it’s just plain rude to waste people’s time. If you’ve received two or more fair offers, choose one and end the buyers’ misery. Don’t hold out for just one more offer that might be a few hundred higher or a buyer who won’t ask for closing costs. Deal with offers in a timely manner so that the other parties can get on with their home search.

A Summit NJ real estate agent will advise you on how to proceed when there are multiple offers. Ask for her advice on making and accepting a good offer.