Buying a home in la jolla what to do if the home you want has multiple offers

Buying a Home In La Jolla -
What to Do If the Home You
Want Has Multiple Offers
Brought to you by www.LaJollaSanDiegoHomes.com

Buying a Home In La Jolla - What to Do If the
Home You Want Has Multiple Offers
When markets for homes start to pick up, many buyers are
likely to be caught off the sidelines.

There is usually competition for houses that result from
things like low or federal economy or when certain city or
neighborhood becomes popular all of a sudden.

As a result there will be increase in home prices due to the
increased demand from buyers some who may exceed
your asking prices or even give bonuses so as to get the
home.


In situations like that, the chances of being faced with
multiple offers are high.

You will therefore need to know what to do if the home
you want has multiple offers.

Avoid over-analyzing the other offers

After you have viewed a lot of property listings and made
your mind about the home you want, the seller's agent
may tell you that there is another offer on that home.

You will need to juts concur with the agent's word but only
take it as a data point.

Do not spend too much time trying to find out what is
happening with the other offers.

If you want that particular home because you love it then
just keep moving forward at your own speed.

Make sure that you are contended with that offer and
make it only when you feel comfortable doing so.

Nobody should pressure you into making an offer so as to
complete it especially if you are not prepared to bid on it.

If you have to decline an offer, consider the risks

If you reject a reasonable offer that has got good terms
from a buyer who is able, willing and ready to sell you a
home, know that you may still owe the agent their full
commission.

This is because the agent did their part of the agreement.

If you later on accept a different offer, you will owe that
agent commission too.

Note that the commission may not be little money.

For instance, if a home you want to buy goes for 200,000
dollars and the commission you are required to pay the
agent is 6% of the cost of the house, it implies that you will
have lost 12,000 dollars plus an additional of the same
amount to the two agents you dealt with.

The focus of your negotiations should be with the seller

The agent may tell you that the offer on the home is going
at a better price, it has a quicker close or its down
payment is large.

That should not be something to focus your attention on
since the seller will still be looking at the offer and also
working with it as he or she considers other situations.

It may also be a horrible offer from an agent that is not
familiar with local protocols as well as customs.

Do not be distracted by other people that are also making
offers on the same home.

Instead, let your negotiations be with the seller and
remember that you are not negotiating with other buyers.


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Buying a home in la jolla what to do if the home you want has multiple offers

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Buying a home in la jolla what to do if the home you want has multiple offers