ALL THOSE BIDS BUT ONLY ONE CAN HAVE IT
With the market inventory getting smaller and more and more buyers pursuing the same properties, multiple offers are getting to be quite the norm. It is important to remember that there can only be one buyer that gets the home, Some proper planning before the offer is submitted can help pave the way.
Richie Naggar explains why some buyers feel like their offer did not get a fair shake. Please post your comments to Richie so he can respond to you.
It is not uncommon to have multiple bids on a listing now a days. You can feel the energy in the air and it gets thicker with every call and inquiry. Slowly the momentum builds and you have yourself several well qualified buyers and their agents all wanting the property. Only one can prevail
FAIR & HONEST
What is the best approach when it comes to picking "the one"? Proof of funds are in. Loan commitment is a go. Repairs have been discussed, pricing is agreed and all can close in 30 days. Who gets the house? How can you spread "fair & honest" around so that everyone feels they got their share of it?
WHAT HAPPENED?
What will be the deciding factor or factors when it is a level playing field? Supposing it comes down to several well qualified, what would be the criteria? Listing agents have to have an answer to this because the buyers client is going to inquire as to what happened if they didn't get the place. The buyers agent has to have a suitable explanation
FIDUCIARY
While the selling agent is complying with Fiduciary and fair and honest dealing for their own client, the buyers agent has to demonstrate fiduciary with their clients as well. Some buyers make it real clear that they want that house and will hold their agents feet to the fire expecting those results
DISPUTES
I sat in on many a conversation and even two Real Estate hearings that were prompted by some very disappointed buyers and their agents. Most often is the "why didn't you counter back" question and the most common answer is "we found a ready, willing and able situation" and went with it.
QUESTION
An attorney asked this question recently: Is a listing agent required to get back to every single offer and give them a chance to either counter or decline or do they take a random offer and go with it?
Richie Alan Naggar Ran Right Realty Riverside, Ca
Real Estate Broker and AUTHOR of popular "PEARLS SERIES"...books on LIFE and LOVE
Richie@RanRightRealty.com Richie@Pearlsforthesoul.com
PEOPLE FIRST...THEN BUSINESS
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