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Snowlionus, Home Owner in Asheville, NC

What is the best way to communicate/negotiate with prospective buyers in multiple offers situation?

Asked by Snowlionus, Asheville, NC Sat Jun 16, 2012

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Are you a seller? Your question sounds like you may be a "for sale by owner". If so, some of what was said below still applies. It is important to treat all prospective buyers fairly. You can do this by telling each one that this is now a multiple offer situation and request that they submit their best offer by a specified date and time. This is usually the next day by 5pm. In addition, if you have had some buyers request to be informed if you receive an offer as they were not able to make an offer when they saw your home, you can call and give them the opportunity to submit a bid.

To be sure that all buyers are informed, it is best to call them. Hope this helps.

Regards,

Debbie

Deborah H. Francis, GRI, ABR, ePRO, GREEN, SFR, Fine Homes Specialist, CRS Candidate
Prudential Lifestyle Realty
7 Orchard St., Ste 101
Asheville, NC 28801
cell: 828-553-9019; mailto:deborah@dhfrancis.com
website: http://www.liveinashevillehome.com/
"Your move is my mission"

If you or someone you know needs some help in real estate, please contact me.
0 votes Thank Flag Link Sat Jun 16, 2012
it is important to know in a multiple offer situation that many things help a seller decide which offer is the best offer. It is not always the highest bid. The seller takes into account inspection period, earnest money, cash or loan, and how long before closing.

A buyer has to decide how important getting the home is to them, and what they are comfortable offering. Our job as agents is to just advise. None of us have a crystal ball to know the other offers or what their terms are.

At the end of the day, if you have offered your best that you can and you don't get this one, don't give up. Sometimes it comes back up after due diligence, but keep in mind while you are waiting to keep looking as there are still lots of homes available.

Sandra LoCastro
Exit Realty Vistas
828-768-4481
sandra@exitrealtyvistas.com
http://www.Sandra.ExitAsheville.com
1 vote Thank Flag Link Sat Jun 16, 2012
Multiple offers are happening again here in NJ as well. My advice is to be consistent and fair with all. Many times a seller will come back to all with a call for "best and final" and a clear deadline for submission and review.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
Web Reference: http://www.FeenickHomes.com
0 votes Thank Flag Link Mon Oct 22, 2012
Interesting timing for this question! I've experienced this situation with one of my listings, and I've also been involved in several multiple offers as a buyer broker this year. As a broker for a seller, I am responsible to present all offers to the seller. There is an accepted standard of practice being shaped by the bank-owned properties because they have been the most likely to experience multiple offer situations due to their agressive pricing. As a buyer broker, I have received an e-mail notification from the listing agent announcing that my buyer is in a multiple offer stiuation and they are being invited to produce a highest and best offer on or before a certain time period. This is a courtesy, but not a requirement, to all buyers involved (with an expected advantage to the seller). As with any situation, there is always a possible negative. As a seller, you have the sole right to decide who and how you want to communicate with one or more buyers. Each situation is individual, so some professional one-on-one advice is recommended for your particular situation.

Consultations with me are always free!
Sincerely,
Dawn Clayton
"It's better, faster and easier. . .together!"
Broker, Carolina Connections Team
Keller Williams Realty Mountain Partners
828-778-2656 Cell
0 votes Thank Flag Link Sun Jun 17, 2012
I advise my buyers, in a multiple offer situation, to concentrate on what THEY want to do and feel most comfortable doing, and not worry about what the "other" buyer/s may be doing.

Give it your best - try to make the offer as strong as possible as far as terms are considered, as it's not always the highest price that wins.

Once you have given the best offer you can.......then if you don't get the house, you will know you tried your best, and have no regrets...........the, you move onto the next one.
0 votes Thank Flag Link Sat Jun 16, 2012
If one offer is considered better (i.e. price, shorter/longer time to closing, more earnest money, or more due diligence money) by the seller for whatever reason, the seller can just accept that one.

Usually, the agent will contact each prospective buyer (or agent) and tell them there are multiple offers, give them a deadline to amend their offer to their "highest and best". It will still be up to the seller to decide which is best for them,but "highest & best" usually gets higher offers for the seller.
0 votes Thank Flag Link Sat Jun 16, 2012
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