Quick Home Search

By searching, you agree to the EULA

What will you do in a multiple offer situation?


With the strong activity and low supply we're seeing in the Twin Cities, it is important for sellers to discuss how multiple offers will be handled BEFORE they come in. When discussing this with your agent, here are a few important questions to consider: Will we disclose the multiple offer situation to all parties? This is a decision for the Seller but most of the time it is in the Seller's best interest to inform all parties of the multiple offer situation.  Many brokerages make this their standard … [Read more...]

Twin Cities Multiple Offers Multiplying

Ok so I've already discussed the surge of multiple offers this year... in fact I just talked about it two weeks ago.  In just the last two weeks I've seen even more examples of multiple offers and they are now becoming the rule on properties priced well.  In just the last 2 days I've had 2 clients in multiple offers (one in 4-way offer, other in 10-way offer) and both clients were outbid.  Both clients wrote offers 5%-10% above asking price on houses in the upper $100's and middle $200's (details witheld for … [Read more...]

2009 – The Year of Multiple Offers in the Twin Cities

Supply Demand Ratio - April 2009

When I became a Realtor in December of 2002, the housing market was already on its long march up to levels that no one thought possible.  By 2005 we had hit the peak of the market but 2006 was still extremely strong too. One of the things that's been largely missing since 2005/2006 is the situation where several buyers are interested in the same house.  We did see this phenomenon in 2008 with short sales but that was mostly due to the long time it could take for responses from the bank (3 weeks to 3 months in … [Read more...]

Is Buying A Foreclosure Right For Me?

Here is a list of questions to help you figure out if exploring this home-buying avenue is right for you. 1. When do I need to move? The timeline for foreclosure/lender mediated properties can be unpredictable response times to an offer in short sale or bank owned can vary. You must have flexibility in your closing date to be able to adjust to timeline. 2. How handy am I? Unforeseen issues will crop up, especially with seasonal changes will you be able to remedy those issues with sweat equity, or will you … [Read more...]

Greedy Buyer Loses in Multiple Offers

This is a story about a buyer who was too greedy for his own good, and how his underestimating of the situation left him with terrible regret when he lost out on the offer for his "dream home." About a month ago this buyer went looking at new construction in a outer suburb of the Twin Cities.  This neighborhood, while all built in the last 5 years, has a lot of dynamics currently going on: There is still a lot of development going on in the area: several developments within a mile (and this development as well) … [Read more...]

Short Sales & Foreclosures = More Multiple Offers

Sounds kinda funny but many of the foreclosures & short sales I've been showing lately are receiving multiple offers... and are doing so at a much higher rate than the rest of the listings on the market!  In some cases the homes sell for at or above asking price, though most still sell for less than asking. What is the reasoning for this?  Well, it actually is a combination of several factors: Many buyers feel that foreclosures and short sales are the "best deals" in the market and therefore they can draw … [Read more...]


TwinCitiesRealEstateBlog.com is not a Multiple Listing Service MLS, nor does it offer MLS access.
This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.