From now until the end of April in Salt Lake County, there will be more offers written on homes for sale then there will be in all of 2010. Good news for home seller Right? We'll maybe if you keep your guard up. I have to say the 2010 Home Bing Tax Credit expiring at the end of April will cause a real train wreck of buyer putting in multiple offers on lots of peppery and not really having intentions or means to buy them all. I talked to one buyer that has 6 offers in on short sales and said they would take the first one. I would bet there will be a lot of buyer doing the same with short sales and also having a non-short sale in the mix. I would bet the contract would go something like this closing on or before June 25 2010. I would bet the loan denial date would be like June 20 so they can back out of the transaction If they get a short sale a great deal and the poor home sell missing selling their home and because they Tax credit won't be extended this time for a couple of months they will probably sell for a lot less money. The government is pulling out of subsidizing the home buying industry. They are raising the Treasury Bill rate and they will probably end the home buying tax credit. The reality is the real estate market in the country will come to a screeching halt in Aug and Sep so then they will act in November to the crisis. The government will get all in arm's Barany Frank will get up and tall like he a concerned government superhero that know everything and it will be big news and big grandstanding and a new Tax credit form Nov 2010 to April 2011 will come out pretty much the same as today's is it will have first time home buyers credit of $8,000 and 2^nd home buyers credit of $6,500 it they have owned for 5 years. Back to my point how do you as a home owner not miss the best selling time with a bogus offer? We'll you take a little piece of the short sale addendum allowing the property to stay on the market active because the offer is not binding. You can have multiple offers to buy the seller can accept all in order. The seller accepts an offer in first position and gives them a first offer the right to match the offer. Match what you say Price and ability to close. So there is no binding contract until the buyer shows the ability to close. Make the primary offers earnest money (at least 1% of sales price) non-refundable unless the inspection finds an undisclosed pertinent and substantial fact that affects the value of the home such that it will deter future home buyers, that he seller is unwilling to correct. So not the first offer ready to close force the primary offer to step up and match it or lose their earnest money if they back out. You may want to do 2% that how strongly I believe seller will be take advantage of in this crazy buyer purring in multiple offers. Some buyers will not disclose they have a home to sell. All listing agent should put a Q & A addendum do you own another home. Will you have to sell or rent the home to qualify? Then get a Pre Qualification letter stating the lender knows of this and they buyer qualifies without selling the home. If you're an agent or sell take this to heart it will be happening making offer on multiple property. It's probably unethical if you don't disclose it to the seller but agent think they can just put in contingency that will allow the buyer to back out. Like financing oh they can't buy 2 home so they don't qualify. Right we need to hold this kind of activity accountable but how?

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