Multiple Offers


Multiple offers are like that guy balancing the plates.  You have to keep them spinning and balanced to keep them from crashing to the ground.  Or you could compare it to corralling cats.  My job is to get everyone rounded up on the same day and in the same condition – offers should be at a similar stage in the process - to present to the seller.   

There’s a regular debate in my office about what to do with multiple offers.  Some agents prefer to accept one and move on; others will negotiate in order to get the offer that stands out amongst the rest; while others will wring them out like an old dish rag.  There are advantages – and not - to each.   

Accepting one and moving on gets things rolling, but there’s one integral piece that inevitably will come back to haunt everyone involved:  the buyer believes they could have gotten a better deal and the seller believes they could have gotten more money. 

I don’t think treating people like an old rag is the way to go either.  Although real estate is a business, it’s my business and I’m not going to disrespect agents and their clients for the sake of money.  It’s not necessary – and besides, then I can’t sleep. 

My approach to multiple offers is one of fairness while getting the seller the absolute most money and the best terms possible, while leaving my reputation in tact.  If my reputation becomes a victim to the moment, there won’t be another chance.  It will travel through the community like wildfire; agents will no longer want to work with me and will direct their buyers to other homes – which there are plenty of at the moment. 

Even in this strange time of mortgage craziness and an overabundance of inventory, multiple offers do show themselves occasionally.  It’s a well-prepared house and sellers who listen to the expert who get that result.  So hire an expert and listen.

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Vicki Moore About Vicki Moore

Office:
RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

By Phone:
650.888.9268

Comments

  1. Interesting post. I’ve been an exclusive buyer broker for about 13 years in the Central Ohio market. Your description is “right on” about dealing with multiple agents as either a buyers agent or listing agent. You have to be extremely careful & detailed in your contract wording. High percentage of listing agents/sellers in our market choose just to work one offer at a time. I would say about 85%-90% of my buyer clients who were notified about multiple offers moved onto other home options and choose not to ge involved in a bidding war. Just my 2 cents.
    Mike http://www.homebuyersadvocate.wordpress.com

  2. Vicki Moore Vicki Moore says:

    Michael – Thanks for your input!

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