Real Estate News - Maryland, Virginia, Washington DC

This is the word on the street!

This has been a viscous week of multiple offers. 

Agents and their buyers must be aggressive in this market. This means that if there is an offer in on a property, you better hurry and get your offer in before the other offer is accepted.  Even when the listing agent says that they are in the counter offer stage, a competitive offer may still be accepted.

Here are the rules:

1). You can always submit an offer.  If you truly have to have the property and there is an offer in, ask if you can place an offer in back up position*

2). While you are in the process of counter offering, you probably don't have a ratified contract, which means that the seller can take any offer presented.

3). When the listing agent says that they are already reviewing other offers, it does NOT mean that the seller will not consider another offer.  It is more likely that the listing agent has gotten numerous calls and offers on the property and does not want to look at any more offers.

4). Get the offer written and submitted the way you want the offer accepted initially.  If the listing agent is planning on countering, ask what the terms of the counter are.  It may be something that can be worked out verbally without counters.

The current market is very fast despite what the newspapers are saying.  Buyers are becoming frustrated by not getting their home of choice when offering list price. 

Keep in mind that each geographic area and price range is a separate market.

*When placing an purchase offer for real estate in back up position for a short sale, you may or may NOT have to go through the entire lengthy process of waiting for the complete short sale process.  BOA yes, Suntrust no.

- Keep in mind that this information is time sensitive.  The market is changing in numerous ways like never before.