The Manhattan real estate market saw a 25% drop in the number of sales in the first quarter. It was the weakest first quarter in over six years. The market is more in your favor!
I am seeing some buyers making offers on multiple properties at the same time. They are seeing which seller is the most motivated to give them the best deal. We are in a market where buyers and sellers are in a period of discovering the true market value.
If you want to make multiple offers, then here are my tips for getting the best deal:
1. Make multiple offers on properties within your price range. Making very lowball offers on apartments that are far above your price range is a waste of everyone’s time and is in poor taste.
2. In order to get the best deal possible, hire a very knowledgeable broker who will guide you on market value and the best negotiating strategy.
Is placing multiple offers the best strategy for you? Obtaining the winning bid while making multiple offers requires some delicate maneuvering. In addition, you should know about the following possible pitfalls:
1. Just because you have an accepted offer doesn’t mean you have a deal. An accepted offer is not binding in Manhattan.
2. In a co-op situation even if you and the seller agree on a price the board may decide the price is too low and reject the deal.
3 .Sellers can sit on your offer waiting for more offers to come in. This does work both ways so that if you find your dream home after you make an offer then you are not bound to the offer either.
4. Sellers can also sit on the contract for a while after you signed it because the deal isn’t binding until the seller signs the contract.
So, there you have it! Making multiple bids can get you the best deal possible if you follow the above guidelines. In addition, consider hiring a real estate expert to guide you.