These days as listing agents we are seeing more and more of our listings with multiple offers. With the market in a constant shift, we are seeing less foreclosure inventory and more short sale inventory. With the less inventory, when a nice home comes on the market, alot of people begin looking at them.
This week alone we listed three houses and all three went under contract and one of them has multiple offers. How we handle mulitple offers may differ from some Realtors, however, it's usually pretty uniform among everyone. At the point that we receive more than one offer before the seller signs agreeing to the first offer we will then hold the first offer and notify all parties that we are in a mulitple offer situation. We will then send an announcement for the buyer's highest and best bid and give a date and time specific that we are going to make a decision after we present all offers to the seller.
With 2ShortSaleGuys, when we recieve a multiple offer, we will only move forward with one offer. Short Sales are hard enough with one offer, no need for us to over complicate the simple by adding multiple offers. Once the seller chooses which offer they are going to accept we will then notify the other parties that the seller has accepted another offer and ask if they would like their offer considered as a backup offer should this offer fail. At that time we will then submit the offer to the mortgage lender for short sale approval.
Doing it this way, we have found that it is the most fair way to handle it. In multiple offer situations, you will never make all parties happy. But keeping a fair and consistent process will get out that you are a fair but firm Realtor and you will continue to get offers even though people are going to know you have multiple offers.
For more information on Foreclosures and Short Sales in the North Georgia area, CLICK HERE
Nakia Brooks and Bill Bythewood are licensed Real Estate Salespersons with the State of Georgia and their license is currently held with Keller Williams Realty – Lanier Partners (678) 425-1988 - They can be reached at their direct number 678-279-5977 or emailed at info@2ShortSaleGuys.com
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