There is always lots of hype when the Market is recovering or when it is doing well. The last 18 months has see a definite recovery for Simi Valley Real Estate and we did see many house sell with very competitive multiple offers. That is cooling off now however, there are homes that are still getting multiple offers, but that situation is not dominating the majority of sales now. Buyer frustration is fuel by some myths when multiple offers are dominating the market. Most buyers are lead to believe that All Cash and Quick Closing offers push all other offers aside, but the research says otherwise.
Seller placed importance on:
- The highest offer. (77%)
- The best mortgage qualified buyer (47%)
- Offers without contingencies (39%)
- All Cash offer (23%)
- The Buyers Ability to close quickly (14%)
Highest offer with all the proper documentation up front will rule the day in most circumstances in a multiple offer situation. If the Seller has to wait through a 30 day escrow, they don’t care if the buyer’s money is coming in the form of a loan or All Cash, because at the close escrow the seller still gets the money.