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No Really, An Offer Is Not Binding...Hello!!!
Multi offer situations are becoming more popular once again - not only for short sales and foreclosures.
We are seeing new properties - first time on the market homes, farms and ranches - also receiving multiple offers.
No matter if you are in Florida or in Missouri, the rules are the same: An agreement is not binding until ALL parties have signed the required documents.
I had a buyer’s agent call me today and tell me he was upset because we have multiple offers on my short sale listing in Davenport, FL. He called on a Friday and asked if we had any offers (at the time we didn’t) and I told him no. However, the price was just reduced that morning and we would likely have offers come in over the weekend because the new listed price was very competitive. That evening I received his buyer’s offer and called him to let him know I had it and would be forwarding it to the seller.Over the weekend we did indeed get multiple offers, as I suspected we would. So on Monday morning, in the interest of fairness, I sent out an email to each buyer’s agent letting them know we ... more
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