Multiple offers.
It's the buzzword of the century. Almost literally. Allright, not really, I might have spoken a touch of hyperbole there, but boy, have we been abusing that word lately. Beating it like an expired racehorse.
In a recent contest of multiples, I had a large group of contestants. Everyone was eager, and champing at the bit. Many of the initial offers were strong, but once everyone received their notification of "multiples received" and were given a deadline, well, that's when "we were off!".
Terms starting flying, inspections started dropping, dates started tightening, more earnest money showing up, everyone was truly impressive. They were coming around the far turn, and it was neck and neck. The colours were hard to tell who was ahead at the turn, the mud was flying, the dust was obscuring everything, as they pulled around the corner, you could easily see who was ahead...
.
.. and bringing up the rear was... "also ran".
Also ran, who hadn't started that strong with his glue-factory offer in the first-place, hadn't changed any of his terms, still had a full inspection, low earnest money, but they had increased their purchase price. By a whopping $2,000.00.
Now, there are those of you who are thinking, "but wait! How much was the listed price? That might not be a bad increase!" Really? Even if the property were a measly $100,000 (and I can tell you, there isn't even a studio apartment, in my region selling for $100K) $2,000.00 is a pretty modest increase, during a multiple.
I'm sorry, but this one is heading for the glue-factory floor.
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