sam, Home Buyer in Lincolnwood, IL

if there is multiple offers thewill i get the house or is it an auction

Asked by sam, Lincolnwood, IL Mon Apr 15, 2013

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Hi Sam, If there are multiple offers on a house, the listing agent will generally ask for all buyers to submit a new "Highest and Best" offer. It is at this time that you need to determine how much you really want the house, and how much you are willing to pay for it. Be sure that you ask your Realtor to take the time to research comps with you, so that you are confidant and comfortable with your final offer. Don't be afraid to offer what the house is worth if you love it, but also don't be afraid to stand firm if you feel your offer is strong. You can also make your offer more attractive by offering cash, negotiating appliances/ repairs, being flexible with a closing date, etc. This may help the seller chose your contract over another, more restrictive offer. Hope this helps and I wish you luck!
0 votes Thank Flag Link Tue Apr 16, 2013
Multiple offers means that one of the buyers will probably get it and is like a silent auction.
The seller can reject all offers, if they are all unsatisfactory and ask for a new round of highest and best offers. This just happened to me.
0 votes Thank Flag Link Tue Apr 16, 2013
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