Presumed and no disclosure required Transactional brokerage in FL means the listing agent is prohibited from advocating for the seller to level of agency representation at the expense of any buyer, so you probably have to support the transaction, not promote the interests of the seller over the interests of every possible buyer. FL is goofy in that way. FL Default position is transactional brokerage, no discussion or disclosure abbout agency needed since it is presumed the public understands agency. Yea, right, a buyer understands the difference between TB and exclusive agency, I don't think so.
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Suggest telling each person making an offer that they are in a multiple offer situation and they should come in with their best offer.
Have the owner select the best offer and accept it, or counter it.
Hopefully, you discussed the possiblity of multiple offers in advance....so the sellers are prepared. Hopefully, you have explained to them what the best procedure would be, based on business decisions and not emotion.
In order tokeep this from turning into a circus.. one can alwasy try to ask for highest and best by a certain time frame...............however, depending on your state laws, there is always the chance that higher offers can come in after that time period, .and the seller might have the legal right (as they do in NJ) to hear and/or accept a better offer.
Each situation can play put differently - you have to be prepared to roll with it , and always make the seller aware of their legal rights.
In California we don't have such a clause, the sellers are able to counter multiple offers but once the buyers agree to the counter then an seller chooses which offer he is going to go forward with and responds giving that one buyer confirmation. That buyer has a 17 day period to check out the property and make sure he wants to go forward with out any real consequence to the buyer (other than the possible cost of a home inspection and an appraisal)>
We actually don't have lawyers getting involved unless there is legal action brought against the buyer or seller. We tell our sellers to seek the advice of a lawyer if they have any questions, but most of them donâ€™t. Our office offers the benefit of speaking to a lawyer as part of the listing agreement for a reduced price, which is really helpful because most people donâ€™t talk to a lawyer until there is a problem rather than finding out if their could be one.
I find it fascinating how each state practices the sale of real estate.
Remember that some buyers donâ€™t always provide you with the highest and best offer up front, so you can counter that way. You can also counter a specific price. If the buyers are offering more than you believe it will appraise for make sure that your remove the appraisal contingency and verify that the buyer will have enough money to bring into escrow to close the deal if it goes above what it will appraise for.
Some sellers would prefer cash offers even if they are a little less because they donâ€™t have to wait for the buyersâ€™ loan. (Again make sure you verify their ability to purchase with the cash they have on hand.).
Different types of loans may be more appealing than other according to the condition of the property. You need to be working with a knowledgeable lender who can help you identify if the property will have any challenges on qualifying for a loan. (Yes the property has to qualify as well as the buyer).
If it is a short sale, be very careful about accepting an offer over the estimated appraised price, if that buyer walks it might be difficult to get another buyer at that price and now you have set an expectation that might not be attainable for the short sale lender approval.
Make sure you understand how multiple counters work with in the contract so that you donâ€™t make your seller liable to sale the property to more than one buyer.
You do not have to counter the offers the same, you can counter each one differently according to what works best for your seller. Just remember that it is ultimately your sellersâ€™ decision, prepare net sheets on each offer and explain the advantages, dis advantages and pitfalls of each offer.
Diana Margala 909-560-0145
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
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The owner of record should accept one offer or counter the best offer that was presented. On the counter, give the buyer 24 hours to respond or you can move to the 2nd best offer.
OR you can choose what your seller deems to be the highest & best offer & just counter that buyer & tell the other people offering that you're countering 1 offer right now, but will hold the others as a back up & that you'll have a more solid answer for them in a few days.
Realtor Since 1996