Competing Bid Situations

Competing Bid Situations

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We always want to be fully transparent with our clients, so here’s the blunt truth: it is a challenging time to be a homebuyer.  Over the last several years, we have seen a noticeable uptick in demand for single family homes and condos throughout Chittenden County and the surrounding towns.  While it has hit Burlington and Winooski the hardest, many home buyers across our region have had a tough time finding a new home in this fast-paced market.

For many, the formula for success does not rest solely in doing the legwork of getting a pre-approval letter, familiarizing themselves with the market and its speed, or hustling to see a home the moment it is listed for sale.  We are now in a market where a house can be put on the market and receive receive half a dozen bids in only a day or two.  With so many offers in front of the sellers, what can you do to give yourself the best chance at securing the house?

This is where we excel.  Our job is to put you in the best position possible to win the bid, while still implementing the protections needed to minimize your financial vulnerability.  Given your financial situation and risk tolerance, we will sit down to weigh your options and help you to determine the right course for maximizing your chances of success.

Some options include:

— Offering more than the list price

— Removing or reducing the protections of some contingencies

— Offering to cover the cost of all inspections, including those typically covered by the sellers

— Making your building inspection a “Pass/Fail” inspection

— Increasing your deposit amount or offering a second deposit

— Offering to let the sellers to stay in the home rent-free for a specified amount of time after closing

— Many, many other tactics

When working with buyers, we have two main objectives: (1) protect our clients and (2) get them into their new home at the best price and terms possible.  To tackle the first one, in over 50 cumulative years of experience as Realtors, no one in our office has ever had a client lose their deposit.  As for the second, the harsh reality of this marketplace is that "the best price and terms possible” often means making some concessions as a buyer.  We know how to craft a compelling offer, and can help you make the strongest case possible when your next house finds you.

Thomas Senning Headshot
Phone: 802-917-4340
Dated: February 26th 2018
Views: 1,570
About Thomas: Since his entry into real estate in 2014, Thomas has operated under the guiding premise that if he p...

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Element Real Estate
139 Bank Street
Burlington, VT