“Are You Excited or Terrified?”
In the Columbus/Phenix City real estate market, sellers are receiving multiple offers to buy the their property. How should the seller respond? Should they even notify all prospective buyers? There are inherent risks for both buyer and seller, when multiple offers are present. Here are 3 options:
- Contact all prospective buyers, or agents, and ask them for their “Highest & Best” offer.
- Negotiate with the best current offer and accept the 2nd best as a “Backup” offer.
- Make the same “Counter Offer” to all buyers. First one to accept wins!
Multiple Offers are exciting but can expose your client to a high level of risk, that should be avoided. Remember, always follow the Golden Rule and if the Seller approves, practice Full Disclosure.
More information on this subject can be found on GARealtor.com