One home receiving multiple offers can seem like a thing of the past. However, it is a real situation that happens more than most you may think. As we shared in our recent Lancaster market update, we are currently in a seller’s market, which often causes multiple offer situations to be on the rise. Our team alone has encountered homes with multiple offers at least 5 times in the past 10 days.
This can make some buyers apprehensive about moving forward on a property that has a lot of interest. We often hear the objection: “I don’t want to end up in a bidding war! Here’s the truth. Bidding wars rarely occur in our market.
So, what happens when a home has multiple offers? Typically, when a home receives multiple offers, all parties are notified in advance that more than one offer is coming. This is to allow all buyers to be aware that they have competition and gives them the chance to bring their highest and best offer immediately. Once offers are handed in, the sellers will be presented with all of the offers, and then will choose the one that is best for them.
There is no bidding. There is often not even a second chance to change your offer.
We have developed many creative strategies to help our buyers submit the offer that is ultimately the winning offer – even when competing with 4-10 other home buyers. This does not necessarily mean the offer with the highest price, but the most attractive offer to the seller. Whether you’re purchasing a home in Donegal or Ephrata, Manheim Township or Hempfield, it is crucial to work with a real estate agent who is experienced in dealing with multiple offer situations, so that you don’t miss out on the home of your dreams!