what happens when two people write an offer for the asking price of the home? who decides and how?

Asked by Kim, Orangevale, CA Wed Mar 4, 2009

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Sean Palmer, Agent, Orangevale, CA
Tue Sep 9, 2014
The seller makes the final choice. If both offer prices are the same, the sellers agent will also discuss with the seller the differences (if any) on the type of loan the buyer is using, the current "confidence to close" by weighing things like whom the lender is, if they meet closing dates, if the lender guarantees the closing, if the buyer is fully underwritten approved or if they are just at preapproval stage, etc.

Sometimes it is in the buyers best interest to write a personal letter to the seller, that their agent will pass along to the seller, discussing how the home fits the buyers families needs. The letter may bring an emotional response from the seller and "may" help swing the sale acceptance your way.

Also, it is no unusual for the seller to make a "multiple counter offer" back to both buyers to see if either were willing to make the terms a tiny bit better etc.
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Shawn Ryan R…, Agent, Belleville, NJ
Wed Dec 14, 2011
the seller decides which contract to go with. usually the decision is made on which buyer is stronger by comparing downpayment, credit, income, etc.
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Penny Boyles, , King, NC
Wed Mar 4, 2009
The listing agent presenting the offers will point out other terms and conditions in the contract. Its not all about the price to some sellers. Possession dates, closing dates, type of financing, amount of down payment, earnest money, inspection dates - its all important. Put your best offer out there first since you may not get another opportunity!

Sellers like fewer contingencies. However, possession dates and closing dates may vary depending on the sellers situation. Your agent should ask the listing agent questions about the sellers timeframes and if you can be flexible, do it.
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Pam Simpson, , Senatobia, MS
Wed Mar 4, 2009
Thre is much more to an offer than just the price. There are contingencies (loan, inspections, etc.), closing date, possession date, division of closing costs, and so forth. The terms unrelated to the price may be more attractive in one of the offers. Ultimately, it is the sellers decision on which offer to accept or to counter.
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Terry O'Call…, Agent, Sacramento, CA
Wed Mar 4, 2009
The seller has the right to accept , counter, or reject any and all offers. The seller will make a determination based on the conditions of the offer. There are many variables involved in writing an offer and some items are going to be more appealing depending on what the seller is looking for.

Good luck on your offer
Web Reference:  http://andreaandterry.com
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Erin, , South Lake Tahoe, CA
Wed Mar 4, 2009
Hi Kim: The seller decides on the offer with the best "terms." Even though the offer price may be the same, maybe one of the proposed buyers brings more of a cash down payment or perhaps all cash to the transaction. The price is just one component of an offer considered by sellers.

I hope this helps. Thanks for this great question.
Web Reference:  http://SoldByErin.net
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Sue Archer R…, Agent, Palm Harbor, FL
Wed Mar 4, 2009
The seller makes the final selection. In many cases, they will counter both parties, maybe even some lower offer buyers, stating that they are in a multiple offer situation. The buyers are given the opportunity to provide their 'best and final offer'. They may decide to withdraw their offer, leave it the same, or increase their offer in terms of the attraction based on either price, terms, or both.

When it comes down to it, most likely one will look more attractive to the seller than another. Sometimes the decision is based on their confidence to close (that it won't fall out of contract) and not just the price/terms.

Hope that helps.
Web Reference:  http://www.suearcher.com
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