Listing brokers – acting on behalf of sellers – represent sellers’ interests. However, it can occur in any market and especially for properties within an affordable price range. While the listing broker can offer suggestions and advice, decisions about how offers will be presented – and dealt with – are made by the seller - not by the listing broker. Sounds simple, I know, but we’re all guilty of dropping that ball at some point. When a seller is to be presented with multiple offers, a prudent agent will inform prospective buyers of that fact in writing and obtain a written acknowledgement. Blog Contributor September 12, 2018 Business Challenges, Closing, Sales Tips & Techniques 9 Comments. What’s fair? Your email address will not be published. As I mentioned above, we’re negotiating 24/7 nowadays. Highly recommended! I prefer to speak at least once by phone with an agent before a deal comes together, but not everyone agrees. We want to give our buyers an edge over the competition and properly advise our sellers facing multiple offers. Your email address will not be published. I am glad I chose REIQ as my pathway into the Real Estate Industry. Multiple offer situations can be very stressful for both buyers and sellers if not handled carefully. I just won a bid because I followed up with the listing agent a few hours after the award and asked if the winning agent had followed up with signed documents. Finally, buyers and sellers need to appreciate that in multiple offer situations only one offer will result in a sale, and the other buyers will often be disappointed their offers were not accepted. Have your voice heard at the local, state and national levels of government on core tax and property issues. A special mention for Rachael who is a trainer at REIQ. Or will that second buyer pursue a different property? Good for you, Michael!! Buyers are happy and we are able to have the ever-elusive “life” we’re all looking for in this industry. Make sure a home is still available before your clients see it. Fast turnaround for marking of the assessments with help on hand by way of tutoring if needed meant she could get the Application to Office of Fair Trading for her registration happening quickly. When multiple offers are coming in, and the buyer really wants the home, he or she may make an offer that will be a struggle to honor. Sellers can accept the “best” offer; they can inform all potential purchasers that other offers are “on the table”; they can “counter” one offer while putting the other offers to the side awaiting a decision on the counter-offer; or they can “counter” one offer and reject the others. However, it can occur in any market and especially for properties within an affordable price range. Multiple offers often happen in a seller’s market when competition for residential property is greatest and there are more buyers than there are properties for sale. I agree. Buyers can offer any number they want to offer – most won’t be so reckless, but it can happen. Share this Post. While all of their trainers are experts in their field, they offer onsite student support on Tuesdays with Rachel providing the right advice and reassurance to get you there, even if you havent studied for a while. I handle negotiations. We’ve all had our confidence shaken, but don’t let it get you down for long. You may wish to document that the buyer was informed of the multi-offer. It’s Murphy’s law. Listing brokers should make reasonable efforts to keep buyer-representatives up-to-date on the status of offers. Officially Acknowledged. Find out what the seller wants. I try to pay enough to incentivize them to show because peanuts just usually isn’t worth anyone’s time. All Rights Reserved. Helping homeowners make smart decisions to maintain and enhance the value of their homes. Follow-thru. That’s the best feeling. All Rights Reserved. As-is condition if it’s worth it to your clients? For sellers, getting multiple offers on a house is a dream. Visit our Privacy Policy to learn more. Helping homeowners make smart decisions to maintain and enhance the value of their homes. Post-closing possession if they’ve lived there for many years? Sellers have several ways to deal with multiple offers. Advocate for our industry, including REALTORS® and the buyers and sellers you serve. Level 3.1: partially waiving the appraisal. Most of us are experiencing a shortage of inventory, which is falling short of buyer demand.

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