Be wary about writing a “love letter” to the seller.“You want the seller to look favorably on your offer, and sometimes the little things can make a difference,” says Nelson. Consider including a box of candy or flowers for the seller, along with the written offer. Even if a buyer would prefer to finance the property at current low interest rates, a seller is more likely to accept an all-cash offer to eliminate any loan contingencies, says Simmonds. This gives the seller confidence that a buyer’s offer will go through without a hitch on the lending side, says Nelson. Copy the lenders when emailing an offer.Prequalify with a local lender who is willing to call the listing agent on behalf of the buyer, says Simmonds.“Buyers should also be prepared to raise their offer if there is a bidding war.” Share comparable prices with buyers and discuss whether to submit an offer above, below or at the list price, says Simmonds.Otherwise, the buyer will keep looking without success.” “Put in a solid offer so you can get to the closing table. “Don’t play games with the seller,” says Simmonds. Sales professionals should educate buyers and provide them with a disclosure form about multiple offer scenarios. “Stay focused on the price and terms of the offer, rather than the potential buyer,” adds Nelson. An offer that has the fewest contingencies, such as a mortgage approval or a favorable appraisal, can be more appealing than a higher offer that may not go through. Focus on the terms, as well as the price.“Otherwise, it will sit on the market,” says Simmonds. To attract multiple offers, a home should be listed at the right price point. “Buyers are more likely to compete for a home that is move-in ready than one that needs some TLC, even if the fixer-upper costs less,” says Simmonds. Florida Realtors has one called Multiple Offer Disclosure to Seller (MODS-1), see below for more info. Provide sellers with a multiple offer disclosure form and discuss how to handle multiple offers, says Simmonds.Here are some of the additional do’s and don’ts for real estate professionals and their clients. “In an ideal world, everyone would communicate, but there’s nothing that obligates the seller to explain to a buyer why an offer was rejected.” Best practices for advising sellers “Ideally, all offers and counteroffers should be communicated, but that decision is up to the seller who has no obligation to negotiate or communicate with a prospective buyer,” adds Caruso. But the buyer’s agent can ask, in writing, if the seller’s agent has shared the offer or whether the seller has waived seeing it.īuyers’ agents may also feel frustrated if the seller accepts another offer without giving their client a chance to respond. However, there can be delays if a seller is traveling or facing a personal issue.īecause buyers’ offers are not, by default, confidential, they can be shared with other bidders. Most buyers’ agents want to hear back from the seller’s agent as soon as possible. After that, it can be a waiting game to see how a seller will respond. “Sellers’ agents have a legal obligation to present offers in a timely manner,” says Meredith Caruso, Associate General Counsel for Florida Realtors®. Ask all buyers to submit their “highest and best” offer by a certain deadline.įrom the buyer’s perspective, all offers must be submitted in writing. Respond with counteroffers to some or all of the prospective buyers.Accept or counter the best offer and reject the others.But the listing agent cannot disclose that information without the seller’s permission. A seller may want to drive the price up and authorize the listing agent to share the terms and conditions of other offers. If an offer comes in below that amount, the listing agent is not obligated to respond. Only look at offers above a certain amount.Both are available through Form Simplicity. To help the state’s sales professionals, Florida Realtors has two forms available to assist in advising clients: The Multiple Offer Disclosure to Seller form and the Notice of Multiple Offers to Buyers form. “Agents serve as advisors and messengers to their clients, who make the decisions.” To avoid potential problems, sales professionals need to understand the rules of the game in multiple offer situations and educate their clients, says Anne Cockayne, former director of Local Association Services for Florida Realtors. Florida Realtors Board Certified Professional.Specialties, Designations & Endorsements.
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