U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-18-2007, 02:47 PM
 
Location: Branson, Missouri
7,330 posts, read 17,693,012 times
Reputation: 3893

Advertisements

Our house has been on the market now for about a month. It has been shown a few times. This past couple of days, we have had 2 sets of people that are interested and we were told they are going to make an offer. What happens if more than one person makes an offer? Does that ever happen?
Thanks for your advice.
Reply With Quote Quick reply to this message

 
Old 08-18-2007, 03:45 PM
 
Location: North Pittsburgh
353 posts, read 1,582,120 times
Reputation: 154
It happens a lot. When the first offer comes in - I call the other agent who says she's bringing in an offer to let her know that I have an offer and if her buyer's are still interested they need to get their offer to me. I present both offers to the seller. Generally if the offers are very close in price, terms and conditions, we go back to each of the agents and ask them to give us their best offer - and then we select the best one.
Reply With Quote Quick reply to this message
 
Old 08-18-2007, 03:57 PM
 
Location: Atlanta
738 posts, read 681,685 times
Reputation: 279
Or, there is nothing wrong with negotiating both offers simultaneously. Just do not provide a counteroffer to both parties that you have signed. I have always used letters of intent in this regard - meaning that let's negotiate the business terms of the deal and if we come to an agreement, then we'll draft a binding agreement. If you use actual Purchase and Sale Agreements to submit counteroffers - offers you've signed - and the two different buyers sign the counteroffer accepting the deal, you've just sold one property to two different buyers. Not good.
Reply With Quote Quick reply to this message
 
Old 08-18-2007, 08:18 PM
 
Location: LEAVING CD
22,953 posts, read 23,649,732 times
Reputation: 15546
And while you contemplate being the lucky one that got multiple offers go out and have a good steak and bottle of bubbly!!
Reply With Quote Quick reply to this message
 
Old 08-18-2007, 08:28 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,571,302 times
Reputation: 1008
A lot of Real Estate Agents/Brokers use a document that's called a 'Memo' for the buyers. This is used to express your terms on paper.

If I had two offers with same purchase price, I would look at who's putting more $$ for a down payment.

The chances of someone putting a down payment on a house will have a higher success of getting approved from the lender.
Please dont confuse down payment with earnest money.
Earnest money can be used towards the down payment, but in essence you would like to know if it's going to close in 30days.
Reply With Quote Quick reply to this message
 
Old 08-18-2007, 09:02 PM
 
Location: NC close to the MTs and near the lakes.
2,766 posts, read 5,112,645 times
Reputation: 967
When we sold our house in CA we had several offers within two days on the market. Our agent went over each one with us and we choose not the highest offer but the one that was being paid for by cash.I wanted to sell to the highest offer because the woman and I met and I really liked both her and and her husband but credit was an issue and cash was perfect.
Reply With Quote Quick reply to this message
 
Old 08-18-2007, 09:04 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,571,302 times
Reputation: 1008
nothing beats cash!

Quote:
Originally Posted by lorriem View Post
When we sold our house in CA we had several offers within two days on the market. Our agent went over each one with us and we choose not the highest offer but the one that was being paid for by cash.I wanted to sell to the highest offer because the woman and I met and I really liked both her and and her husband but credit was an issue and cash was perfect.
Reply With Quote Quick reply to this message
 
Old 08-19-2007, 12:16 AM
 
Location: Moved to town. Miss 'my' woods and critters.
25,465 posts, read 12,516,744 times
Reputation: 31692
And other items to be aware of are any contingencies. Such as does the buyer have to sell their home in order to close. Will the buyer be seeking a loan and what type, FHA,Va, conventional? Or is this a 'cash' contract? Are there survey, inspection, and/or any other items that would hold up a sale for any length of time? naturally the 'best' offer is a cash offer with little or no contingencies. Good luck on your sale. I know many sellers at this time would love to be in your shoes.
Reply With Quote Quick reply to this message
 
Old 08-19-2007, 09:03 AM
 
Location: California
68,125 posts, read 16,767,949 times
Reputation: 40784
It happens here in my area all the time.
Don't look at the highest offer,look at the terms,conditions,the contingencies,most importantly the loan,the credit report.If it's a good lender,the appraisal.
Reply With Quote Quick reply to this message
 
Old 08-19-2007, 09:57 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 34,439,732 times
Reputation: 2661
Quote:
Originally Posted by Buckhead_Broker View Post
Or, there is nothing wrong with negotiating both offers simultaneously. Just do not provide a counteroffer to both parties that you have signed. I have always used letters of intent in this regard - meaning that let's negotiate the business terms of the deal and if we come to an agreement, then we'll draft a binding agreement. If you use actual Purchase and Sale Agreements to submit counteroffers - offers you've signed - and the two different buyers sign the counteroffer accepting the deal, you've just sold one property to two different buyers. Not good.
Real Estate is local.

Letters of Intent are generally not used in the west.

Perfectly possible to do via a counter offer. In fact you can make multiple counter offers. These require a further signature by the seller to be complete. So you counter all and then sign the one that appeals most.

Cash is great. What is it worth versus a solid non-cash offer? Anything? 1/2 per cent? What discount would you folks suggest for cash? I would value it very low.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top