In this episode of “Russell Realty Minute Podcast,” Evan Russell, owner of the Russell Realty Group, discusses how to handle more than one offer on a home.
“If there’s more than one offer, at least one of them is full price. You can start with that.” – Evan Russell [00:35]
What You Will Learn:
[00:19] Make an offer
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MORE THAN ONE OFFER ON A HOME
Welcome to another episode of Russell realty minute with your host Evan Russell. Where Evan shares his real-world real estate experience with you, if you like what you hear, please be sure to give them a quick review right here in iTunes. Thank you for listening.
Make an offer; let’s break this down real quick and real simple. If you’re going to put an offer on a home, and your buyer agent calls and the listing agent says yes, we have several offers, we have a couple offers already, or we’re expecting a couple of offers. Let’s think about this really fundamentally; if there’s more than one offer, at least one of them is full price, you can start with that; at least one of them is full price even if they have two or three.
At least one of them is going to pay what the listing agent is asking for. So we have to then take, move to the next level and say okay, well we have to go over asking price, how much over asking price should we go? Now that’s a different question and a different podcast and a different episode. But we can know real quickly if we’re going to put an offer on a home, we call the listing agent, say Mr. Listing agent, Mrs. Listing agent, how many offers do you have on a home?
How many you’re expecting? If they’re cooperating enough to tell you, you can assume one of those is full price. So going in at full price when there’s more than one offer, probably not the best strategic move. You at least got to think that there’s more than one offer, at least one of them is at full price.