In Multiple Offer Scenarios, Last Step First Wins the Day
Particularly when the supply of homes for sale falls well below demand, house hunting can take more determination than usual. Since U.S. residential real estate markets have been long mired in exactly that lean-inventory situation—the accompanying publicity could discourage folks who’d otherwise already be in the hunt for Oklahoma City homes for sale.
While it can take some stick-to-it-ness to locate the ideal Oklahoma City home that’s for sale at a price that fits your budget—the truly frustrating thing would be for your offer to be passed over in favor of a competitor’s. If the other party swoops in with an over-the-top offer that would bust your own budget, there’s not much you can do about it. But if a competing offer wins out for other reasons, that’s truly crazy-making. Such a scenario might play out if the other party had prior experience in the process of landing homes for sale. They would have foreseen the value of putting the “last step first.” The last step first in this connection refers to the steps involved in buying and selling a home. The buyer takes many steps leading up to the closing table. But a knowledgeable buyer also considers the process strategically from the other guy’s standpoint. And when you think about things from the seller’s POV, the last step comes with the weighty decision about whether to accept an offer.
When a seller gets the good news that an offer (or multiple offers) have been submitted, beyond the dollar amount, there are crucial dependability factors. If the buyer can’t actually follow through with the purchase because of credit score problems or some other factor, it means the last step in the seller’s process was a misstep. It can be an expensive one. The seller may have lost qualified buyers while the bank was deciding not to fund. And now the property may be seen as less desirable than other Oklahoma City homes for sale which haven’t lingered unsold for nearly as long…
When the seller’s choice is between one offer from a buyer who has been pre-approved by a lender and another from someone who is just beginning to feverishly gather pay stubs and tax returns, the prudent decision is pretty clear. The first buyer foresaw what the seller’s decision might well hinge upon—and dealt with that last step first.
Part of my value as your agent is in knowing all the steps you as a buyer or seller will encounter, and helping you prepare for each in a timely and wholly stress-free manner. I hope you’ll call me!