A recent article posted on RETechnology.com discussed a survey conducted by the WAV group which pointed out several “truths” about multiple offers and how losing buyers feel afterwards. 

Here is a breakdown: 

1)      Almost 51% of respondents said they faced competition; 38% said they were not sure. Exactly how did they “know”? 

2)      Over 46% felt they had an “equal opportunity” to win, slightly higher among white buyers (49% vs. 45%). Again, how did they know?

3)      Most of the white buyers said they were outbid while 68% of them felt that finances were at fault when the process was unfair. Cash offers and investors were viewed as having an advantage with financing. Some felt that a seller “favored” their buyer or had bad advice.

4)      62% of minority buyers also cited finances as being the difference with cash buyers and investors being part of the issue. 6% felt some discrimination ....

Let me start by saying that multiple offer situations sound fantastic for sellers and dreadful for buyers. Maybe; maybe not. There is no “one size fits all” description and feelings about them likely fit a combination of how one feels when they learn that there is competition and then how it turns out for them.  “Multiple offers” simply means that more than one buyer is interested in the same house. This is NOT retail so there may not be more than one house of a certain type to be bought. ..

 Let’s focus on there being competition. My first question is always this:  is there competition? How do you know? Having multiple people at an open house or an individual showing is not conclusive. Having a listing agent tell you there is “multiple interest” or “multiple offers” is also questionable. I have been lied to. As I have blogged before, as a listing agent I specifically discuss the possible scenarios with my sellers and am reluctant to disclose multiple offers and never multiple interest. Unless the multiple offers include at least one that is worthy of being signed, having more than one unacceptable offer means nothing. Multiple interest is nice but, unless it generates any serious offers, so what? ...

Let me be specific. Discrimination sucks and has no place in society. Sellers have every right to negotiate and make decisions based on objective needs. Suppose a seller accepts a lower offer with a better settlement date or some other variation? How do those who offered more money feel? Do the differences get discussed or does the losing agent or buyer make reckless claims? ...

It would be nice to know EXACTLY why the process stalled.

Remember, when it comes to buying or selling what is likely your biggest asset and your largest overall investment of money, time and effort,

There is no time for inexperience, empty promises or false expectations!

HIRE WISELY:  We are not “all the

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Please remember, when thinking about selling or buying what is likely your biggest asset and largest overall investment,

There is no time for inexperience, empty promises or false expectations!

HIRE WISELY: We are not “all the same”!