Think It’s A Great Deal? You’re Not Alone So Be Prepared

Every home buyer and investor in Loudoun County as well as the rest of the world is looking for one thing – the best possible deal. Whether it’s an appreciating or declining market, the goal of every home buyer and investor is to buy a property that fits their needs for less than any other comparable property currently for sale or that has sold in the area.

But what if there were more home buyers and investors than great deals? This creates more demand than supply and translates to multiple buyers and multiple offers on the same property.

Think I’m crazy for making these claims in this market? Well, let’s look at my personal experiences over the last few weeks as an agent working with buyers and investors in Loudoun County…

Out of the eight offers I’ve written for home buyers and investors in Loudoun County so far this month, seven of them were competing against at least one, if not up to four other offers.

In addition, I ended up not writing two other offers because the properties that my clients were interested in went under contract inbetween the time they saw them and when they decided to present an offer.

I’m not saying that you should be foolish and make any decisions you’re not really ready to make. Nor am I saying that you should get wrapped up in the emotions of a competing offer situation and pay more for the property that you set out to spend.

What I am saying is, be prepared.

• Be prepared to be in a competing offer situation and have the highest price you’re willing to pay for the property in the forefront of your mind prior to presenting any offer.
• Be prepared when your agent contacts you asking for your "best and final offer". Your agent is simply doing their job by passing on the question they were posed by the seller.
• Be ready to walk away and move on to another property when the other offers go above your "best and final offer" and you get the call or email saying that the seller accepted another offer.

And don’t take it personal.

The moral of the story? Understand that there will be other buyers who will also think that the property is a great deal and be prepared for what comes along with that. If you’re prepared and have a game plan in place ahead of time, you will be able to keep a cool head and make smart and timely decisions should this type of situation present itself.

D