Episode 073 - Do Multiple Offers Matter?
Episode 073 - Do Multiple Offers Matter?
2020/21 and COVID have been nothing less than a pain in the back side. To add to the stress, let’s throw in multiple offers. Not just one or two, but 43 for one property. UGH!! It is stressful for agents and it is a pain for appraisers, but face them we must.
In this episode, B talks about the significance of multiple offers and why they do matter in this market. He also gets into how to present them to an appraiser. Hint: it is not saying you have them.
Take a chill pill and let’s work through this together!
SHOW NOTES
- 01:00 – Multiple offers are out of hand.
- 02:20 – Appraisal process: collect, analyze, and report data.
- 03:35 – Multiple offer situations have changed a lot in recent times.
- 04:45 – Fannie and Freddie want to know what is going on in the market.
- 06:02 – What are market trends doing? Multiple values may show that.
- 06:25 – Definition of market value.
- 08:10 – Multiple offers might show the stability of the current market.
- 09:00 – Agents give appraisers multiple offer information.
- 10:40 – Maybe provide redacted purchase agreement.
- 11:25 – Appraisers must collect, analyze, and report what they find, which include multiple offers.
- 12:01 – Agents help appraisers, “help us, help you.” Appraisers have to sell the report and property to the lender.
- 13:20 – Good appraisers want this information and so do lenders.
SHOW LINKS
- Multiple offers - https://www.houselogic.com/sell/how-to-sell-step-by-step/what-happens-when-there-are-multiple-offers-on-a-house/
- Definition of Market Value - https://www.inman.com/2015/03/26/the-difference-between-market-price-and-market-value-in-real-estate/
BETWEEN THE LINES LINKS
Web
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?