Multiple Offer Situations in a Changing Market

Recently we had 3 properties receive multiple offers. For us, it has been an "awakening" and very welcome after a long winter's nap. When you are representing the buyer, make it clear what needs to be done in order to be the "winner" without "losing it". It is a two edged sword but if you make it clear what could happen, and let them know they could lose their dream home, it takes the decision making process into another level of stress.

The agent should provide comparables immediately to the buyer but also make sure that they have submitted an offer in writing as soon as possible to make sure that their offer makes it to the seller's table before another offer is accepted. You will never know what the other offer is unless you request it in writing.

Multiple offers are hard to handle and must be done with care. There are agents who counter back to the buyers with the caveat that the seller will sign a second time on the counter that is best and only then will it be accepted. So, the buyers are left to worry about whether they made the right decision with their offer. Hard to follow, right? I like to counter with highest and best offer within a certain time frame to give everyone the same opportunity when I represent the sellers. It helps to know if they are preapproved so make sure you have your letter handy!

Hopefully, we will continue with our brisk spring market and have many happy homeowners springing up around Columbus!

Take care, Susan