Select the Right Home Purchase Offer
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Which Offer is the Right One?
Considering Multiple Offers on Your Home
In many of today's strong real estate markets, home sellers can expect to receive multiple offers for their home. Multiple offers are a classic example of economic realities because they appear when the supply of homes for sale is limited and the demand for good-condition homes is strong.
Sellers love multiple offers because they push up home prices and create an opportunity to spark a bidding war. Knowing how to respond to multiple offers can help you get the best price and terms for the sale of your home.
Make sure your listing agreement states that your agent will put your home in the Multiple Listing Service (MLS) within 24 hours. Putting the home in the MLS as soon as possible is in the seller's best interest because the home then will be exposed to a much larger number of potential buyers.
Do I have to accept the offer with the highest price?
Not necessarily. You may prefer a lower-priced offer with a better qualified buyer or more attractive terms. You may choose to make counteroffers to one or more of the buyers. Note: If you reject a full-priced offer, you may owe your agent a full commission even if you don't sell your home.
Should all offers be made by fax?
Some agents recommend the fax-only option. If there are multiple offers, the fax-only practice is a time-saver for you and the agents. Some feel strongly that it's best for both sides to have the offers presented, so the seller can ask the buyers' agents questions about the buyers. You might want to receive all the offers by fax, then have the top offers presented. Either way, you, as the seller, you make the rules.
Should buyer's get extra consideration if their agent works with the your agency?
No. All offers should be evaluated equally based on the net price and terms. Some brokerages give the seller a commission break for an in-house transaction. This concession is known as a "variable commission" or "listing broker advantage." It should be discussed in advance and disclosed through the MLS.
Can you counter more than one offer?
Yes. However, if you accidentally accept more than one offer you could be legally obligated to sell your home to two buyers. For safety's sake, use a standard counteroffer form that says the counteroffer isn't accepted until it is signed by the buyer and subsequently accepted by you.
Can you back out of my escrow if I get a better offer?
Trying to back out of an escrow is an unwise practice because an accepted purchase offer is a legal contract and the buyer can take action to enforce it. Legally, once you have signed and agreed to the offer with buyer A, you can't get out of it.
You haven't received any offers. Is it your agent's fault?
If you ignored your agent's advice about pricing your home or making any repairs, it's not really reasonable to blame the agent for the dearth of offers. However, if the home is priced right and in good condition, you'll want to have a frank conversation with your agent and take corrective action. Never sign a listing agreement with a term of more than three months. As a last resort, you can ask your agent's sales manager to help resolve any complaints.
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