Dear Monica: We recently made an offer, our first one in this market, and we lost. We thought we would have a chance to revise our bid but our agent didn’t get a call from the listing agent until it was too late to do anything about it, and we would have bid higher. What could we have done to succeed? Sara B.
Dear Sara: The first rule when there are multiple offers is to put forward your best bid and never expect a second chance because you probably won’t get one. If you do this then even if you lose you know that you did your best.
It is important as well to know how many other offers there are so you can act accordingly. If there is only one other offer, you may not bid as high as you would if there are several offers. Most listing agents share this information but some can’t answer this question because they don’t track it. You end up more or less “shooting in dark” with your offer.
If you have good financing and a very good agent to advise you, your chance of success, while not guaranteed, is much greater.