I was here (at my desk) Sunday night until 2am.  Two friends of mine were writing an offer for their first home.  They left my office around 10:30pm. I prepped the documents, e-mail, faxed and texted the listing agent to make him aware the offer.  I went home around 1:30pm.  Just hours later as I was getting ready to go to work and I received an e-mail about another offer coming in on the same townhome that my clients wanted to purchase.  I had instant flashbacks to 2005/2006 when this happened all the time!

What a nightmare.  When it was all said and done, the other offer ended up writing an escalation clause that would have increased the price $20,000 more than what the seller was asking.  In addition, the offer was “all cash” and a very quick close.  It was painful and disappointing to tell my friends that they lost the place.  With that being said, we were back over at the homes tonight.  They picked out a new unit and we wrote another offer.  They left at 10:30pm, and I’m still here at my office.  I’m hoping for a better result tomorrow when I hear back from the listing agent.  I can’t handle the task of doing this for a 3rd night in a row!

Remember that “time kills deals”.  You never know if multiple buyers like the same home that you do.  It is in your best interest to make sound decisions quickly.  Don’t rush, but be swift.  It could change the entire outcome of your purchase.  In many cases, it may help you avoid the risk of being in a multiple offer situation.