A question that comes up often from Sellers is: How many open houses do you usually have or should I ask at what point do you determine when to look at offers or if you should wait for more?
Hello M/M Seller – In days gone past, a “normal market”, holding offers was just not done. You took the first offer – dealt with it – and it was either countered or accepted and the next offer/agent waited patiently. Of course, it has always been the case that if one offer has been received but not presented yet to the seller, and another agent called and said they had an offer to present, the first agent would be notified that another offer had been received and then both offers were presented to the seller at the same time and the seller decided how to proceed – their agent of course is there to help them analyze, look at quality of paperwork and pre-approval status of buyers.
Choices would include:
· Accepting one to work with and the 2nd (or more) offer could stand as a backup offer
· Countering the first received and waiting to see if they accepted before proceeding with others
· Countering both/all and if all come back accepted then seller would decide which offer they chose to accept
· Again – each situation is different and the agent helps the seller analyze and decide what to do.
Now, with the multiple offer situations, we have a better opportunity to get the best price for you and hold off taking offers for a set time – which in this case would be the weekend’s open houses – and then set a deadline for all offers to be submitted by Monday at noon.
The catch 22 comes when:
· IF we have buyers that are getting a loan
· And IF they go over the list price
· And IF the appraisal comes in lower than that
o Then you either have to come down to that price OR
o Buyer has to bring in the difference
o (EXAMPLE: LIST IS $875,000 – SAY WE GET AN OFFER FOR $890,000 – SAY THE APPRAISAL COMES IN AT $870,000
§ YOU EITHER COME DOWN TO $870,000 OR BUYER CAN WALK or
§ BUYER BRINGS IN THE EXTRA $20,000 BETWEEN APPRAISAL OF $870,000 AND THEIR OFFER OF $890,000 OR THEY CAN WALK
· IF we get and all cash offer with no appraisal necessary, we are good to go.
Bottom line is each listing and offer situation is different. With calls already coming in we expect we will have pretty active open houses this weekend and I would suspect we MAY have a couple offers. That being said, will keep you updated as we progress.
IF we get only one offer in the 4 days it is on the market, no reason not to work with that agent and that buyer who is genuinely interested in the property and get it into escrow quickly and sold quickly….. that is the optimum choice here.
It is really so difficult to have 10 offers come in and then we have 9 families that are disappointed – so let’s pray we get one REALLY GOOD offer from someone who really wants it!!!
Dawn O’Neal & Tom Binder
Broker/Owner & REALTORS®
Check out my BLOG at Dawn O’Neal – Experienced California REALTOR®
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