More than one of your buyers want to write an offer on same property...what to do?
Heard about this agent, Agent 1, who had more than one buyer who wanted to write an offer on a high-end property (between $1-2 million). This happened in Piedmont CA where multiple offers at over list price are practically the norm.
The story that was told was that she surmised one of the buyers, Buyer A, was the better buyer in terms of ability to write a winning offer and complete a sale, and chose to write an offer for them. It wasn’t clear how she told the second buyers, Buyers B, that she couldn’t represent them.
With the deadline to write the offer looming, Buyers B were left without representation. So they asked Agent 2 from a competing agency to represent them,
Buyers B told their new Agent 2 that they were left hanging without any offer of assistance. Working feverishly over the weekend, they got their preapproval letter, proof of funds, the offer written and submitted.
How did this story end?
Buyers B won the bid and the house, stunning their former agent.
Needless to say, the questions revolved around what could the first agent have done better?
One suggestion: Instead of letting her Buyers B go elsewhere, Agent 1 could have asked her broker to help explain that she can only write an offer for one buyer on the same property. To make sure Buyers B will get the same fighting chance, she will get another top agent from her office or perhaps even her broker to help them write the offer.
What not to do: Tick off the Buyers and make them think they're second class. If anything, "elevate" them by asking the broker to take care of them. Otherwise, they will bolt, leave, and maybe beat the agent at her own game! And in this case, they did!
What would you do in this situation?
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