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The Challenges Of Multiple Offers For Home Purchasers

For a home buyer having to deal with multiple offers can be stressful and may seem unfair. If you understand how the process works you will be much more prepared to cope with it.

The seller who receives multiple offers may use the situation to play on buyer's emotions and winning character, therefore it's critically vital that a potential buyer stay calm and not allow these strategies to cloud their decisions. Real estate professionals are also subject to taking advantage of both the purchasers and sellers to make their commissions higher and closure rates more impressive. Certainly there are established codes of conduct that apply to such scenarios, however they are not always honored -- so all involved has to stay on their toes and alert for indications of foul play.
Unethical tactics covering multiple offer situations are so prevalent that some provinces have actually made it against the rules for the seller to market a price they are not prepared to accept just to establish a bidding war. Of course, aggressive bidders should not be told either by the agent or the homeowner the dollar amount and clauses of competing offers, and any changes to the bidding activity need to be fully divulged to all parties interested in the home. Unfortunately, in the real world, this kind of pertinent knowledge may slip out or be exaggerated in an attempt to produce a higher bid. Although these circumstances are more common in bigger cities even Barrie real estate listings are starting to see these things happen.
Preferably, when potential purchasers find themselves up against multiple offers, they will present an agreement that has the fewest terms and conditions as feasible and gives a competitive price for the home with the hopes it will appeal to the seller. The propensity of buyers to get excited or nervous and make extravagant offers is exactly the type of situation that could be easily exploited by turning down a very good offer to attempt to get more money from the buyer. By exploiting the few homes for sale in a small area such as Alton Village homeowners can attempt to drive up the price.
Bargaining strategies frequently incorporate an agreement between the owner and their real estate professional not to disclose multiple offers, and buyers in these situations are not even aware that there challengers for their offer. This is not the norm, however, since the majority of sellers are more concerned in allowing all buyers to know that other offers are on the table, however they have to be sure not to permit any confidential details to leak out and impact the process. This does not stop some realtors from communicating with other agents by making it public that bidding has started on one of their listings. In less dynamic sectors such as Windsor real estate for sale it is perfectly reasonable as homeowners want the as much as possible from their homes.
A further dubious strategy used to misguide potential buyers, as well as hardworking agentsFree Articles, is to look at offers that are not going to be accepted in an effort to force the other buyers into a bidding war. Occasionally a homeowner will price the property low to provoke a competition with the intent of producing a frenzy that will result in higher bids that might be more than the value. But such schemes may backfire when people talk inside the real estate community that a homeowner is manipulating a bidding war because they will quit bringing their buyers to look at the home.

Article Tags: Multiple Offers, Real Estate

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


Stefan Hyross writes regarding various real estate subjects. You may get more news on real estate in Barrie and search for listings in Alton village from the sites. discover your next property by hunting for Windsor real estate and find market resources.http://www.barrierealestategateway.ca/



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