Competing offers on a listing do occasionally come in on the same day, and I’ve written about multiple offers, but one of my clients reminded me that sometimes it is about more than just the price. This is a true story about two offers on the same day at the same price and why the seller picked my client’s offer to seal the deal.
Competing Offers a Realty
Larry and Shirley won the competing offers contest. Larry reminded me of this in his email yesterday:
There were 2 offers on this house at the same price, on the same day. I asked the seller why he chose our offer. It was not any contigencies that the other buyer or we requested. Neither requested any. It was our plans for the house versus the other offerer’s plan. The other buyer was not moving in right away and planned to rent the house out for a year or two. We planned not rent and move in ASAP. The seller didn’t think “renters” were the best idea, considering the neighborhood. So the seller accepted our offer.
Winning with Competing Offers
It’s not hard to understand how one offer like this would win when there are competing offers. Sellers have an emotional investment in their homes. This is especially true for the seller who designed their home and had a contractor build it to their exact specifications. They lived in their dream home, and they loved it during that phase of their life. So selling their home when there are competing offers will come down to more than price. How a buyer intends to use their home is a consideration. Larry and Shirley fell in love with the home they wanted to buy, and the seller learned that they were going to live there and make it their retirement home. All other things being equal, that beat any competing offers at the same price when others planned to rent the house for a while.
Last Updated on September 6, 2019 by Chuck Marunde