Guiding your seller in accepting the right offer in a multiple offer situation.

You have now received multiple offers on your new listing, how do you guide your seller in which offer to accept?

  • Set a Clear Deadline and let all parties know: If you are the listing agent, set a clear deadline and inform all of the agents of when the offers are due by and when you will be meeting with seller and when they will be making a decision (this should be several hours after the deadline so they all aren't blowing up your phone). Put in agent remarks, send email from showingtime, send an email to everyone that has shown property

  • Start with a Spread Sheet - When you have many offers it may be easier to have a spreadsheet put together when presenting to your Seller.

  • Price - Is there an Escalation Clause?

  • Terms - Contingencies, Inspection period, closing date, appraisal contingency, response time from seller, how much in escrow and when is it non-refundable

  • Buyer's agent - Reputation matters.

  • Cash or Loan - Who is the lender and what is their reputation? Have you seen POF

Once an offer is selected, after it is fully executed, before you mark it contingent in the MLS send a blanket BCC email to all agents who put offers in as a courtesy.

Some other Resources:

Check out NAR's Buyer & Seller Guide to Multiple Offers

Trulia - Which offer should you choose

Ramsey's Solutions - Choose the best offer in bidding war

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