Multiple Offers

Real Estate Broker/Owner - Prudential Results Realty
In our current market enviroment we are receiving multiple offers on just about every foreclosure listing. If you are working with a buyer I thought I would offer a few points to consider when preparing the offer. One of the items may make the difference if the seller is considering an offer to accept that may be considerable to another. 1. Try to limit any contingency clauses to as few as possible, such as shortening inspection period to 3-5 days. 2. Increase the earnest money deposit that you would normally ask for, instead of $1000, ask for $2500. 3. Complete all paperwork fully and leave no blanks, provide any information upfront that the seller may be requesting. Items such as a PQ letter, proof of funds, or anything else that may be noted in the MLS. 4. Be prepared for the possibility that if you have offered over list price that the seller may require there be NO appraisal contingency and if there is a variance that the buyer would have to pay the difference outside of their mortgage amount. Remember, if you are in a multiple offer situation and the seller requests highest and best, that the operative word is best and not always the highest. The terms, conditions, contingencies involved may be more favorable to the seller that they may be willing to take less on the price.
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Jeff Perry

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Some tips that may help when dealing with multiple offers on a foreclosure listing.