Sellers, how do you manage multiple offers? As your listing agent, I have fiduciary responsibility to you and will assist you in selecting the strongest offer with the best chance to close.
A recent listing of mine received multiple offers over the course of 3 days. Here’s a rundown:
- 12 offers were received, 11 were presented (1 buyer changed their mind)
- 5 letters to sellers (I advised the sellers against reading them to protect them against unintentionally violating fair housing rules.)
- Deposit amounts varied from $1,000 (unheard of) to $30,000, with the majority being $10-15,000
- Price ranged from full asking $388,000 to $424,000
- 3 had escalation clauses. (In simple terms, the buyers agreed to increase their initial offer if there was a higher offer.)
- 4 waived all inspections
- 7 elected to do some inspections with contingency periods ranging from 10 – 15 days. 4 included additional terms of buyers taking an “inspection deductible”
- 1 Buyer needed to list their home and sell their home in order to buy
- 9 offered a flexible closing date
- Buyer financing included 8 conventional & 3 FHA mortgages, 0 cash offers. Down payments varied from 3.5% to 35%.
- 4 buyers agreed to pay any difference between the sale price and appraised value
The winning offer? $412,000 ($24,000 above asking) with buyer paying any difference if appraisal was lower, flexible closing date, 25% down payment with a conventional mortgage, no inspections, and the buyer had more than enough saved to cover all her costs. My client was extremely happy with the outcome!
Contact me – I’ll coach you every step of the way. Go HOME with Mary! Mary Camp, REALTOR®, RE/MAX Properties, Ltd., Newtown, GoHOMEwithMary.com.
PHOTO CAP: Preparation pays off – 12 offers and smooth sailing to closing day!