Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We listed our house as a FSBO and in the last 12 hours we've had 2 offers on it. One was a verbal offer made at the kitchen table last night and the other is forthcoming through an agent. Obviously, neither offer has been solidified with a signed contract. I'm just wondering what the protocol here is with multiple offers. The verbal offer was made by a buyer without an agent, so do I call them and give them a heads up that we've had another offer? And, the offer that is forthcoming via an agent (she called & left me a message, but I haven't spoken to her yet)...do I tell her we had a verbal offer last night? Or, do I just wait and see and turn one of them down? We've sold many, many houses in the past, but this has never happened. Thanks!
Thread moved to Real Estate forum so that the OP would get faster recommendations than in the NJ Suburbs of Philadelphia forum.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
I think I'd keep quiet until I had both in my hand and had a chance to review the pros and cons of each one, and then pick the winner. You might scare one or even both off if the buyers dont want to play the multi offer game.
We listed our house as a FSBO and in the last 12 hours we've had 2 offers on it. One was a verbal offer made at the kitchen table last night and the other is forthcoming through an agent. Obviously, neither offer has been solidified with a signed contract. I'm just wondering what the protocol here is with multiple offers. The verbal offer was made by a buyer without an agent, so do I call them and give them a heads up that we've had another offer? And, the offer that is forthcoming via an agent (she called & left me a message, but I haven't spoken to her yet)...do I tell her we had a verbal offer last night? Or, do I just wait and see and turn one of them down? We've sold many, many houses in the past, but this has never happened. Thanks!
B
Assuming that the fsbo buyers are qualified to buy the property, call them and ask if they are willing to put the offer in writing with an earnest money check. Then you can consider all three when you get them in hand; and be able to figure your net proceeds, and choose the BEST buyer and the best deal for you. You do not need to tell the fsbo buyers or anyone that other offers are coming in. Right now you are excited, but you need to have all the terms and contingencies in front of you in order to make a decision. Congratulations for being in a good position to sell in this market.
Thats great.
You really only have 1 offer and some kitchen table talk.
I would seriously consider the written offer.
And tell the talker to put it in writing.
Don't enter into verbal negotiations.
Give the buyer who took the time to make a serious written offer all your attention and begin negotiations with them.
I agree, contracts can be found online or tell your friend to go get an agent to help him write the offer. Selling a FSBO home to a buyer without an agent has higher odds of falling out. All offers should have a lender's letter stating the buyer is a qualified buyer, credit meets lending standards and they have the means to go forward.
As for the types of financing, VA has the strictest appraisals, then State Bond programs, followed by FHA and conventional and USDA.
You want to compare home inspection contingencies - some buyers do home inspections for their own information, some want every single possible inspection. The more nitpicking, the greater your bill. You don't say how long the home has been on the market, only that this has happened in the past 12 hours. I hate it when on a Wednesday the listing agent says they are going to view all contracts thru the weekend and make the decision Monday morning. That turns people off, but it can work if it's a great house and priced right.
That's all that comes to mind - you've got some great agents here to advise. But I can tell you from personal experience, highest price doesn't necessarily equal the best deal.
Once you have both offers in writing you pick the one that is best for you. If you prefer the buyer that has no agent but he offers less, then you can ask him to match the other offer. If I were a buyer and liked your house, I would not have been scared away by other bids. Just on the contrary - that would confirm to me that your house is a good investment.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
