Multiple Offers? Counter? Highest & Best? What then?
Today our Broker, Dave Baker gave a talk about how to handle multiple offers. Clark County, WA is having a lot of multiple offers since there is not much home inventory to choose from to purchase.
He spoke of a seller that he had read about that received two offers. So the seller's agent and the seller decided to counter both offers. Well, in doing that, BOTH buyers accepted the counter! That would mean that the seller had accidentally sold his house TWO times! They quickly remedied it and chose the offer that was the best finanical offer for the seller. But that could have been a HUGE lawsuit.
Our broker Dave said that what should have happened was that the agent should have sent out an addendum to both of the buyer's agents saying, "Please submit your highest and best offer and the seller will review them by 5:00 pm tomorrow." Then, a recission document should be sent to the "unchosen" offer in order to clear the field with no lingering problems.
Have you had anything like this happen?
Multiple Offers? Counter? Highest & Best? What then?
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