We are selling our home in one of the desirable areas of Redwood City, CA. We have been advised of multiple

Asked by Phil, San Mateo County, CA Fri Jul 18, 2008

offers (pre-open house). Given "Vacation Season", should we wait another week, or is it best to review offers immediately? Also what is the standard practice for reviewing offers (privately or jointly with seller/buyer agents)?

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7
Vicki Moore, Agent, Roseville, CA
Fri Jul 18, 2008
That's why it's important to negotiate with your buyer(s). That way they won't feel like they paid too much and you won't feel that you've left anything on the table.

Remember, there are a tremendous number of bargain shoppers out there. That alone could be the reason for the great deal of attention you're getting.

I recently had a similar situation. The sellers were very please with the results. I'm sure you will be too. Rely on your professional.
1 vote
Keith Sorem, Agent, Glendale, CA
Sun Jul 20, 2008
Phil
What does your REaltor advise? We ethically should first encourage you to talk with them. I am concerned that you are posting this question here. YOur next next questions also concern me, about how to review the offers.

Are you listed with an MLS Entry only or limited service broker?

A word of advice:
We don't know you, your personal situation, nor your market, nor your property. This is not legal advice . If you need legal advice consult an attorney.
IMHO your problem is that if you need to post a question to ask such basic questions, what will happen when the serious negotiating starts? A mistake could be very costly.

The aforementioned answers are trying to be helpful, however every experienced Realtors can run into challenges with Multple offers. I would prefer that these answers do not provide you with a feeling of security. Get competent legal advice from someone that knows you, your home, and your market.
0 votes
Joanne Fraser, Agent, Los Altos, CA
Fri Jul 18, 2008
Phil-
What a wonderful position to be in! Multiple offers...You don't want to let the buyers cool off. Look at the offers with your agent- you have 3 choices- accept , reject or counter the offers but DON'T ignore them and have them disappear. You and your agent have done a great job creating the interest. Now you have something to work with.
The process of reviewing the offers becomes something you and your agent should discuss. Typically the listing agent( your agent) and you are present. Since there are multiple offers, it is better to review the offers with the buyers agents present so you can respond and get an idea of what their buyer is willing to do. It is not always the price that becomes an issue- terms of the offer influence your final selection. If you choose to counter the offers you can do multiple counters or counter just the offer closer to your expectations.
Multiple offers puts you in the drivers seat as the seller. The last thing you want with a home that needs some work is to have a buyer be in the drivers seat and you as the seller jumping through the hoops. You are in the enviable postion to dictate an as is sale, fast close of esrow, and possession date to fit your needs.
Best of luck but it seems you already have an agent that has given you good guidance in pricing and will guide you through the next steps just as professionally.
0 votes
Dot Chance, Agent, Burbank, CA
Fri Jul 18, 2008
Phil, you could counter all the offers. In that counter you can ask for more money if you wish. If you truly feel that you have underpriced your home that may be your best bet.

If you do not consider those offers you may not have another for quite some time. On the other hand, you may find more interested buyers at the first open house.

I would have a serious talk with my agent. Is there something unique about your home? Another thing to think about is that if your home does have a lot of problems any buyer can back out of the sale when those are discovered through home inspection or your obligatory disclosure
0 votes
Phil, Home Seller, San Mateo County, CA
Fri Jul 18, 2008
Thanks to both for input thus far. The house has only been on the market a few days and yes, I believe we priced it on the low end (based on comps as well). It is in a great area (location, location, location...), with a huge lot, but the house needs significant work (some structural). We didn't want to be the "ignorant" owners and overvalue our property, but I now feel we swayed a bit too much the other way and sold ourselves a bit short, despite the work that is needed.
0 votes
Vicki Moore, Agent, Roseville, CA
Fri Jul 18, 2008
Obviously this is a matter of opinion, but I don't agree with Gene. You don't say how long your property has been on the market. That's a crucial piece of information. But if you're heading for a situation with multiple offers you need to review and respond to them - see if any of them meet your needs.

If you walk away from multiple offers you'll missing out on an incredible opportunity to sell your house and may be setting yourself up for other problems. An opportunity to negotiate with more than one buyer is not one to walk away from.

Again my opinion, but you should not be meeting any buyers or their agents. Your agent should review the offers, clear up any omissions or mistakes, then present them to you.

One more opinion. :) If your agent has created a situation where you're receiving multiple offers it's likely that they've done a good job getting you and your house ready for sale. They should, however - this is where we agree - show you current comparables. I would imagine that you reviewed them when the property was listed and know how your property is priced.
0 votes
Gene Yakubov…, Agent, Burlingame, CA
Fri Jul 18, 2008
Acctually the multiple offer situation is would happened if you underpriced your property.If property priced correctly it in current market iwill not bring muliples. There are over 150 active listings in Rredwood city and Enerald Hills . I suggest you to look over the listing price and ask for comps analysis in your area .
0 votes
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