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Oregon Coast Real Estate Battle: Fighting to Get Your Property

By David Timme

(Oregon Coast) - The Real Estate market here on the coast, as elsewhere, can be especially confusing to someone new to the area and to the activity. It is helpful to know what is going on and why things happen the way they do to plan your strategy to get the property you want.

What to do when there is already an offer on that property that you want? OK, You have found your dream property and it is just perfect with all the amenities you have in mind. But when you talk to your Realtor you find out that it already has a contingent or pending offer on it made by someone else. It may not be the end of the road for you getting that property. A contingent offer is one that is contingent on another condition being met, like a loan being obtained or an inspection being passed, being subject to the occurrence of a specified but uncertain event. Pending is effectively the same thing a transaction waiting for something to occur before completion, not decided, determined, or established. While a property is either contingent or pending, first or subsequent back up offers can be made. If the first offer falls out for any reason, the next back-up offer in line will become the offer being made on the property.

The pecking order of offers are as follows: price - over price, full price, less than full price; type - cash offer, pre-qualified loan offer, offer contingent on finding loan; and time - offers with increasingly longer event periods and closing dates. These type offers within each of these categories represent declining attractiveness to a Seller and therefore are increasingly less likely to be successful in being accepted.

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If a property receives multiple offers at the same time, that is, more offers come in before the first offer can be presented to the Seller, all the offers are presented at the same time, and the Seller picks the best offer to negotiate with. Or maybe the Listing Realtor will inform all the prospective buyers that there are multiple offers and request each to make their best offer for the Seller's consideration. The Seller again picks the best offer to negotiate with.

If an offer is made, presented, and accepted by the Seller, and then more offers come in, the first offer is negotiated to completion before other offers are considered.

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Over bids, or bids exceeding the list price can be made if interest is high and other bids are expected to be competing for the property. It all comes down to a risk assessment in which the risk of other bids coming in being more attractive to the seller and how much more you are willing to pay to secure your place in negotiating for and buying the property.

Here's a list of things to have at the ready.

If you are a Buyer: have a Realtor selected, mind made up, financing arranged or be pre-qualified if needed, professional service providers selected, and time to take care of the details of the Sales Agreement offer. If, you are a Seller: have your home ready to sell, time to take care of the details of the Sales Agreement offer, and a place planned to go when your home sells.

Asking for fixes of problems with the property after mutual agreement has been reached is opening the negotiations back up for the sale of the property with the possibility that the Seller will fix the problems, the Seller will counter offer and negotiate, or the Seller will reject the requests and the sale will fail.

This is an ongoing column on BeachConnection.net, discussing subjects of interest relating to Oregon Coast Properties. In future issues we will be covering other home-buying subjects. Generally, we will cover anything of interest to someone looking for property in this area. Letters to this column will be answered, or the subject matter covered in future issues. If you like this column, see my ad below.

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