Question Details

Sunshine, Home Buyer in San Jose, IL

Multiple Offers, Seller’s Point of View

Asked by Sunshine, San Jose, IL Wed May 21, 2008

When a seller receives multiple offers, what considerations weigh most when picking an offer? As a seller’s agent, what do you advise for the following cases:

- Price:
a. Full asking price, small down payment (ie. 5%)
b. Less than asking price, big down payment (ie. 40%)

- Renter (first time buyers) that can move in anytime vs. Home owner (experienced buyers) that must sell first to buy

- Credit Score: Low vs. High credit score?

- Other considerations that you would advise to the home seller

As a seller’s agent, I want to know the logic and what type of advise is given when handling multiple offers with the home seller.

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Answers

1
I go with larger down payment, no home to sell, and preapproval, with commitment ASAP. As for multiple offers, I go with the bird in the hand theory. If we are already on the way to negotiating or have accepted an offer, you can assume that that person has all the qualities the seller needs: no home to sell, nice downpayment. If someone else comes along, even if the offer is a little higher, they can be back up offer #1. People tend to want what someone else already has. It's like at a h.s. dance, no one dances with one girl, then someone does, and everyone wants to dance with her. The fact is, if you are already on the way to an accepted offer with one, if you kick them out, they aren't going to be your back up. They're going away mad. If you accept the second deal and it falls thru, you have no deal. If the first deal falls thru, you have your backup. What do you think of that, Sunshine? :)
0 votes Thank Flag Link Wed May 21, 2008
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