Buyers Can Level the Playing Field in a Sellers Market
The recent trend in the real estate market has given a slight advantage to the sellers. This situation exists mainly because the current inventory is so low. Buyers do not like being in bidding wars for homes nor do we encourage buyers to even look at homes if they are still in attorney review. It is stressful for buyers having that carrot dangling in front of their faces for a home that they want but will probably not get.
We have begun using a strategy for buyers that helps to increase the chances that a home will not be sold out from under them during attorney review. If our buyers like a few homes that they can see themselves living in we will make offers to purchase. If we get to the point where there is a meeting of the minds on the purchase price we ask the sellers’ agent to request of their clients to stop considering other offers after the purchase price has been agreed upon though attorney review. In exchange for that consideration we will stop negotiating our offers on other properties. If the sellers are interested in making a deal in everyone’s best interest they will accept our request. Otherwise we suggest to our buyers that they move on to another property.
The old stock market quote goes something like this, “Bulls and Bear make a lot of money but pigs always get slaughtered”.