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I don't thinks so, No, you process each offer on it's own merits and present them to the seller.
Debbie Reynolds, C21 P...
I don't think that too. You just help sellers to choose strongest offers. Seller might want some terms that are not there ( rent after closing of escrow, longer/shorter escrow, etc. )
I don't think so. When this happens I've been told to put down the details on a spread sheet and give that to the owners to pavoid any prejudice based on name or look of the contract.
Debbie ~ All parties should be treated fairly regardless of the number of offers.
Debbie Reynolds, C21 P...
Sometimes, it really depends on the spread in the offers.
I don't think so...
Multiple offers are up to the Seller to decide. The Listing agent just becomes a neutral middle person and passes the information back and forth. No pressure here.
No Debbie because I let the seller make the decision. I make it clear that its the seller who chooses, not the Realtor. The old saying "give it you highest and best offer" often is the way to make that clear during multiple offers.
Debbie, we are seeing multiple offers on most homes we list, and VERY difficult for Sellers to make choices.
Although the "highest and best" request has become a standard practice for REOs, sellers are not required to solicit these from buyers in a multiple offer situation. We can recommend this course of action but it's up to the seller.
Not at all. Give all offers to the seller.
The reality is that some listing agents do not treat all offers fairly. Some are more likely to recommend an offer by an agent they prefer.
I don't think that that is the case from my perspective, Debbie. My broker insists that we keep everything straight and document, document, document and put EVERYTHING in writing.
It shouldn't have to. As long as the listing agent follows the instructions of his or her seller and gives all the required information and disclosures.
It really should not, because the listing agent is helping the seller find the best possible fit for them. A
All parties should be treated fairly no matter what the circumstances. All offers presented should be explained completely to the homeowner regarding the price, terms and condtions. It is up to the homeowner to decide which offer they are going to accept.
Unless the seller has an immediate preference for some reason, the "highest and best" is normally the next step and then again, it is up to the seller. When I am the buyers' agent in a competitive bid situation, I encourage my buyers to write a letter as to why they want to make that particular home their own. The letter, properly written, may sway the seller, all else being equal.
Debbie Reynolds it all depends on how fairly the multiple offers are reviewed.
If there are multiple offers I write down the details on a sheet and compare and discuss with sellers. We look at the strongest offer.
No. Each agent should disclose their process on how they ahndle multiple offer situations to all agents submitting the offers.
Debbie, I think in regards to your comment about agents not responding, the onus is on them. They know they have an offer out, you would think they would be a little more diligent in staying in contact with the listing agent.
Maybe I've missed something. It is not my job to train other agents how to submit a competitive offer. If their buyer is not receiving fair treatment is it most likely their agents issue, not mine.
There is no reward for those who perform poorly, who arrive late, who are unprepared. Unfortunately, their buyer finds themselves under served.
In the MLS listing it will be clearly stated what is required when submitting a purchase offer. The seller will choose the offer that is most FAIR TO THEM.
If the offer is submitted on the wrong form, required documents missing, wrong lender and offer price outside reasonable conversation, it is neither me nor my seller who will be unfair. We will give preference to those who have demonstrated they can read and follow directions and more likely represent a higher assurance of closing.
Of course, everyone will get the 'Highest and Best' response. How the buyer responds is entirely up to them. They will not be rewarded if others are ready to play ball while they debate if the 'Highest and Best' a ploy to get them to raise their offer. Of course it is. Is that fair?
Of course one of the buyers is located 2300 miles away and needs 2 days to respond because he lives on a mountaintop and only has access to the grid when he descends to the post office. In a multiple offer situation, with a contingency leveraging a predetermined closing date, what would be fair regarding how to treat Grizzly Adams that would not be unfair to those who are ready to close now?
Whenever there are multiple offers coming in, we have a written notification form that we send out to all of the bidding buyer's agents to give everyone a chance to re-submit their highest and best within a reasonable deadline. I always make a call and send a text to the Buyers' agents after sending out the notification e-mail to make sure they are aware of the situation. If an agent does not respond at all by the deadline, then their buyers' original offer is still submitted to the seller, as is. Some buyers stick with their original offers while others will sweeten things up a little. Of course, the seller still retains the right to counter the fine points on the winning offer so until we have a binding agreement, all is not completely lost for the other bidders. I think this is the fairest possible approach in this situation and it tends to work well here.