Multiple Offer Situation – Hey, I’m Mike Acquisto. I’m Shana Acquisto. Good to meet you. Yeah, I’ve known her for like 20 years now. But anyways, real estate buyers, you’re kind of wondering to yourself right now, the market’s really crazy. Mm hmm. What do I need to bid in multiple offshore situations to win? Right. So the answer is it depends.
Like, I like. Oh, I hate that answer. So what we’re trying to do is I talked with Stacey, our client coordinator, today or yesterday. Yeah. And as I was walking through this, we talked about several different items and we were saying, like, hey, what option? Money, earnest money. Who pays title serve a leasebacks appraisal, waivers. How much do I need to go above what’s going on today in the market? And the reason that we talked to Stacey about it, right.
Is because she has all the information. It’s really weird. As one agent, you’re going to have the information that you’ve dealt with in specific to you. Well, Stacy is our client co-ordinator. She sees all of them that win. Right? So she has all this information. So on a regular basis, she’s going to get together, I think, on a monthly basis. Maybe the first Stacie’s weekly are the Stacy’s weekly update of the month. She’s going to give us kind of some numbers and some guidance. Yeah. So that’s kind of a good thing. That is good. So we’ll have that. We’re even working on, like, a graphic for it.
You know, and then we can kind of share it internally. If we want to post it to the public, we kind of can. But those are all different things that we see internally that would help us out. So thinking through these and just discussing them in general. Right. I don’t want to steal Stacy’s thunder at all because I’m going to be kind of putting this out
As some some things that are negotiable that matter
Are. Yes, right. Yeah. And I don’t mind
To determine the fate if
You if you decide that you want to start talking through some of these, then I’m totally fine.
Multiple Offer Situation
I can talk on these for a long time. You could, some things that are top of mind are the option, period. That’s your your option period is the time that you have to terminate the contract for any reason whatsoever or a seller in a multiple offer situation. Yeah. They’re like next. So you’re going to have to guide your clients to forego that option, period. But don’t be scared. It’s OK,
So we’re going to say no option, period, is probably in a multiple offer situation,
Earnest money. We want all your money. We want to see how strong of a bar you are. If you’re that strong that you say you’re that strong, then show us the money, put more earnest money down, OK?
Shows you’re serious right now and you can do it.
One’s title policy. So the owners title policy is negotiable, but in our market it is typical for the seller to ask the seller to cover that cost and no more. We want to forego that and put that on the buyer. OK, ok. That is a good, good way to possibly get your
Offer because that’s going to have a higher net directly to the seller, because if somebody else, if most other people are putting it on the seller, then you put it on the buyer and it depends on the price of the property, you’ll understand exactly what it is, you know, that number, but it’s a number you can move into. The other account number. It is
Your survey. So, you know, you want a survey of the property. If if your client’s getting a loan, they must have a survey of the property. If, you know, before you put your offer in there is not a survey, then please make that a buyer’s expense or roughly 400 dollars.
Yeah, of course. It depends on the property.
It depends on the property. That’s a standard, you know, property in a run of the mill property and then a lease back. You want to cater to the seller. What do they need? Are they building? You know, where are they going? They probably want to have a smooth transition from one property to the next.
So offer them a lease back at no charge. OK, so there’s two parts of that. So often the lease back let them stay in that home and have that smooth transition that’s worth its weight in gold. Right. Because, you know, moving there’s lots of expenses, there’s headaches. It’s a it’s a hassle. So that is a big one. And I’ve even seen people not have the highest bid, but because they’re able to do that, have been the winner. Very good. So, OK. And then the appraisal waiver, this is a big one.
If you are getting a loan on the property, then you are subject to, you know, the lender requires an appraisal and that is a contingency in the contract. So there is a way that you can waive that contingency, but you have to make sure that you have the resources to be able to do that. You need the cash. OK, and I know that’s a scary thing, too, but if you do all of these things, then you’re pretty much as good as a cash buyer and you’re you can compete at the moment.
So. Yeah, and then closing date.
Closing date, closed. Quick, quick, close. You know, we we hear horror stories about appraisals. Oh, my goodness. The appraisals are so backed up. Right. But if you get yourself with a great lender, a local lender. And, you know, it can happen. I’ve seen them happen in 15 days, 11 days. So you have to have that conversation. Don’t just go out and and put that offer in without talking to your lender. You have to talk to the lender and they have to sort those things out.
Very good. So up at the top, we kind of talked about the first thing that we want to waive certain items. But you mentioned and alluded to the fact that there are some ways that we want to reserve to be able to have another out. So now, OK, so if you want to know all those outs, then become a client of Acquisto Real Estate and you’ll have a contact to mastermind on your side. That’s what we do. That’s how we provide extra value to our clients. Right. So we’re going to show you how to win and we’re going to also protect you with the contract. We happen to be pretty good at it.
We are pretty good at it and we get our offers accepted And you’re way good at it.
