Reviewing Multiple Offers

By
Real Estate Broker/Owner with House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786

In Denver, we have seen multiple offers for years, probably ever since recreational marijuana was approved!    I know I had 15 offers on one condo once, and that Seller's head exploded!   But, having a spreadsheet with all the details made it easier for her to make a decision, especially when so many are similar.

 

There is only so much you can offer, then the "gap monies" need to be considered, and still won't know FOR SURE what the appraisal will come in at.   I usually know what is SHOULD, but that isn't always what happens.

 

Another question that has been very important to ask the Buyers Agent - "Has your buyer written on more than one home, and have more than one offer working right now"?

 

Many agents will write more than one offer for a buyer, and then there is a chance that buyer gets more than one offer accepted.    In my mind, that buyer USUALLY can only buy one home, so why would they write more than one offer?    Then after their offer is accepted, the buyer needs to decide which home they want, and terminate the other.   This is really tough on other buyers!   After their offer is not accepted, their feelings get hurt, and hard to come back and say - sure we will rewrite.

 

So, reviewing all offers late yesterday, and reviewing with the Seller this morning, my seller accepted a very good offer, and certain this buyer did not write on another property.

 

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Rainmaker
325,388
Brad Thomsen
Big Bear Realty - Edmonds, WA
Real Estate Services

Good point

Some buyers can be slippery.

Have a Great 2021

Happy Selling!

Jan 10, 2021 02:15 PM #6
Rainmaker
219,806
Eva B. Liland Century 21 Doug Anderson
Century 21 Doug Anderson - Lancaster, CA
Glad to be of Service 661-714-1643

It's a tough market out there for sure. Offering more than the house is worth and needing financing and not appraise for the buyercan sometimes backfire. If you are representing the buyer, make sure those issues are covered.

Jan 10, 2021 03:56 PM #7
Rainmaker
2,389,424
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Joan Cox - I am sure the seller appreciate your thorough vetting of every offer.

Jan 10, 2021 06:44 PM #8
Rainmaker
3,258,362
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Being on either side of multiple offers is a bit stressful, although being the listing agent is certainly more fun, haha.

Jan 11, 2021 04:52 AM #9
Rainmaker
3,767,954
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Joan... I haven't seen buyers writing multiple offers at the same time... maybe because there are not enough houses for which to do so. I don't encourage it for my own buyers. If a seller signs off on an offer, it's a contract. And what if two sellers sign off? It's no longer a question of terminating an offer.

Jan 11, 2021 05:16 AM #10
Rainmaker
4,602,110
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sheri Sperry - MCNE® I have had that happen also, and is just wrong! 

Jan 11, 2021 06:46 AM #11
Rainmaker
4,602,110
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Brad, that is true.

Jan 11, 2021 06:47 AM #12
Rainmaker
4,602,110
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Eva B. Liland Century 21 Doug Anderson as a buyer's agent, and you offer more than list, the "gap" does have to be identified.

Jan 11, 2021 06:47 AM #13
Rainmaker
4,602,110
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Grant, she did, and voice her appreciation.

Jan 11, 2021 06:48 AM #14
Rainmaker
4,602,110
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Brian England it is rather normal around here, so I thrive in that situation, and as a listing agent.  Not so much as a buyers agent.

Jan 11, 2021 06:48 AM #15
Rainmaker
4,602,110
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina Hollander it happens here all the time, and think it is completely unethical.

Jan 11, 2021 06:49 AM #16
Ambassador
2,699,693
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I have had buyers ask me to write multiple offers on homes as they didn't want to lose out.  I would insist that they stop trying to steal a home and put a legitimate offer in on a home they really want to buy

Jan 11, 2021 11:00 AM #17
Rainmaker
4,602,110
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ed, your advice was what the buyers need to hear.

Jan 12, 2021 05:46 AM #18
Rainmaker
1,525,099
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Joan, it is awesome that you are able to advise your sellers as to the best offer for their needs!

Jan 27, 2021 01:01 PM #19
Rainmaker
2,949,553
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Multiple offers, be tough to handle at once but often made me a better negotiator of my time.

Jan 27, 2021 10:27 PM #20
Rainmaker
2,949,553
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Sybil Campbell It is really wonderful and it’s wonderful that we can be so inspired to find own own path. :)

Jan 27, 2021 10:30 PM #21
Rainmaker
2,949,553
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Ed Silva I would say that you usually get a certain feeling when you know something is right that way

Jan 27, 2021 10:32 PM #22
Rainmaker
2,949,553
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

The comment edit button wasn’t working. What I meant to say is: Multiple offers, can be tough to handle at once but often made me a better negotiator of my time. It really lets you know what you want when you’re willing to fight for something, like a home

Jan 27, 2021 10:36 PM #23
Rainmaker
236,893
Patricia Beck
RE/MAX Properties, Inc., ABR, GRI, SRES - Colorado Springs, CO
Colorado Springs Realty

The multiple offer spreadsheet is so helpful to sellers; I also use one Joan!  You represent your clients well and look out for them in situations where these buyers are submitting an offer on more than one property at the same time.

Jan 28, 2021 04:10 AM #24
Rainmaker
737,619
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Great point Joan Cox !  With buyers becoming more and more frustrated, I could see the potential of putting more than one offer out at once becoming the norm and then cancelling one under our attorney approval.  Not the kind of practice I want to be associated with but you've put this on my radar & I appreciate that.  

Jan 28, 2021 04:55 AM #25
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Rainmaker
4,602,110

Joan Cox

Denver Real Estate - Selling One Home at a Time
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