The broker that represents you as a buyer matters. In a multiple offer situation where a listing agent is looking at say, 10 offers from various buyers, they are trying to help their clients assess which one is the best to go with. Usually 2-3 float to the top because the offer prices and terms are the best of the bunch. With competitive offers there are several factors that come into play. Here are a few of most common.
- Earnest money- 2%-5%
- Close date
- Financing- Is there financing or is it cash? Did the buyer waive their appraisal condition? How long is the contingency?
- Inspection-Did the buyer do a pre-inspection? Did they waive their inspection contingency?
- Other contingencies- Is the offer contingent on the sale of the buyer's pending property? Did they waive the seller disclosure, title, etc?
- Is there a rent-back if the seller needs one?
Often an important factor is the broker representing the buyer. All other things being equal, the Buyer Broker that has a good reputation and the trust of the Listing Broker will likely get the house. Windermere excels here. Our market share increases by 3% when we are involved in multiple offers. That means you have a 15% more likely chance of getting the house.