12 Things to Ask When You're in a Multiple Offer Situation
After looking for months you've found the house that you could love and decide to make an offer. You call your agent and he/she says they have multiple offers.
Here's what you should ask:
1. Is selling agent a "Realtor"? That is ... a member of a national organization with a code of ethics.
2. Does selling agent have one or more of the offers? This puts you at a disadvantage if they cut their commission to secure both sides of the deal.
3. Does selling agent's office/brokerage have one or more of the offers? Some brokerages increase the agent's splits if they keep the deals "in house".
4. How many offers do you have? Knowing the number of offers is vital to your strategy.
The seller is perfectly within their rights to restrict what or anything their agent is allowed to share. Don't fret if you're told they can't share, knowing that is also vital to your strategy.
You do have a right to ask for a copy of this instruction in writing from the selling agent.
Even though the selling agent is obligated to present all offers to their sellers, after losing a few bidding wars you're going to wonder if the selling agent is even presenting your offer fully to the seller and they understand the terms of your offer separate from the others. The best way to ensure this is to have the selling agent return your offer with signatures on the line that says "seller rejects the offer". People usually read something they're signing.
Here's what you should ask:
1. Is selling agent a "Realtor"? That is ... a member of a national organization with a code of ethics.
2. Does selling agent have one or more of the offers? This puts you at a disadvantage if they cut their commission to secure both sides of the deal.
3. Does selling agent's office/brokerage have one or more of the offers? Some brokerages increase the agent's splits if they keep the deals "in house".
4. How many offers do you have? Knowing the number of offers is vital to your strategy.
The seller is perfectly within their rights to restrict what or anything their agent is allowed to share. Don't fret if you're told they can't share, knowing that is also vital to your strategy.
You do have a right to ask for a copy of this instruction in writing from the selling agent.
Even though the selling agent is obligated to present all offers to their sellers, after losing a few bidding wars you're going to wonder if the selling agent is even presenting your offer fully to the seller and they understand the terms of your offer separate from the others. The best way to ensure this is to have the selling agent return your offer with signatures on the line that says "seller rejects the offer". People usually read something they're signing.
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