Home Selling in Richmond>Question Details

Lex, Home Seller in Richmond, VA

I am selling my home. After only two weeks, I have two written offers. Both are too low. How do I negotiate with two buyers at the same time?

Asked by Lex, Richmond, VA Sat Jun 11, 2011

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14
Thanks everybody. The house sold over the weekend!
1 vote Thank Flag Link Mon Jun 13, 2011
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Debbie Albert, PA
Keller Williams Treasure Coast
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Sun Jun 12, 2011
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0 votes Thank Flag Link Sun Jun 12, 2011
Thank you very much! I appreciate all of the advice everyone has shared with me!
0 votes Thank Flag Link Sun Jun 12, 2011
Tell them both that you have another offer, and for them to make their best and final offer, make sure they have a pre-approval letter or "proof of funds". Hire an closing attorney to do the closing.

Happy selling!
Sharon
0 votes Thank Flag Link Sat Jun 11, 2011
Sounds like you need a full time agent working in your best interest rather than a limited service agency. A good agent is well skilled in these typez of nuanced negotiations. Good luck.
0 votes Thank Flag Link Sat Jun 11, 2011
One has a bank qualification letter, the other has a mortgage company qualification letter for an FHA loan. I am working with an agent under a limited service agreement. He suggested responding to one offer at a time in writing. One offer is $8K better than the other.
0 votes Thank Flag Link Sat Jun 11, 2011
Are both of the offers come with pre-qualifed lender approval? If you are doing this as a FSBO, you really need to know the financial situation of the buyers, and I always try to find out how they determined the dollar offer they made. Sometimes as a seller we might not see defects that buyers see and justify their offers.


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0 votes Thank Flag Link Sat Jun 11, 2011
It sounds like you need to hire a real estate agent who has experience dealing with situations like this on a full time basis.

Justin

Justin Toney, REALTOR®, GRI, SFR
Graduate REALTOR® Institute
Short Sales and Foreclosure Resource Certification
Austin Properties Inc.
P.O. Box 8321
Richmond, VA 23226
Mobile: (804) 543-6303
Fax: (804) 543-6303
Email: Justin@JustinToneyRealtor.com
Email: Jtoney2@gmail.com
Website: http://www.JustinToneyRealtor.com
0 votes Thank Flag Link Sat Jun 11, 2011
Do you have an agent, if so, what is he/she suggesting....if not consider consulting with an attorney who specializes in real estate, he/she can best advise as it relates to your specific situation and all related paperwork.
0 votes Thank Flag Link Sat Jun 11, 2011
No... I would not do an official counter offer to 2 people at the same time. You could end up in court if that's not handled very carefully.

I presume you have an agent? Your agent will guide you, as the prior poster indicated - all offers are not created equal. Congratulations and good luck!
0 votes Thank Flag Link Sat Jun 11, 2011
Lex are you listed with a Realtor® or working as a FSBO? If you are working with an agent they would be the best to advise you. Not all offers are created equal. Even though the price may be low, what are the other terms and conditions of the offers? If you countered on price for both offers and they both accept your changes you could have two ratified contracts. If one responds faster you can withdraw the counter on the second but you are walking a very fine line and taking a big chance on timing. Talk to your agent to discuss all of the options but countering two offers may not be the best way to go.
0 votes Thank Flag Link Sat Jun 11, 2011
Your real estate agent and recent solds should guide you on what the value of your home really is.
0 votes Thank Flag Link Sat Jun 11, 2011
Lex,

Absolutely!! Counter both offers...just make sure that you do not SIGN 2 offers.

Negotiation is the most fun part of making a deal work. Both parties will get some and give some. It is just part of the process.

Everything is negotiable, the price, the terms, the closing date...everything.

Best of Luck to you!

Debbie Albert, PA
Keller Williams Treasure Coast
St. Lucie West
0 votes Thank Flag Link Sat Jun 11, 2011
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