Pat Savani tells us that as the market in Annapolis and Anne Arundel County heats up on well priced properties the probability of multiple offers is on rise. Multiple offers in some situations may increase the net to the seller or result in an earlier settlement date. However, if they are not handled right they can also turn off a buyer from submitting an offer or lead to concerns questioning the fairness and full disclosure of the offer and counter offer.
Here are some tips to a successful negotiation.
1. In our state we are required to have the seller’s preference in the listing agreement whether to disclose the existence of multiple offers or not.
2. If the seller says no to disclosure then the listing agents does not disclose to anyone; if the seller says it’s okay to disclose, then everyone is to be given the same information regarding the existence of other offer.
3. As agents we are not allowed to disclose confidential information, so the terms of competing offers are not discussed with anyone just the existence and status of a competing offer. Having everyone understand the process sets reasonable expectations and can avoid misunderstanding and hurt feelings.
4. If you are competing it’s usually best to make your first offer your best offer that way if you don’t get the property you have no regrets.
5. As a seller in a multiple offer situation, remember that buyers can become disillusioned if they don’t feel that they are competing on a level playing field. Multiple offers can disappear and or the negotiation become visceral if the buyers don’t feel that they have been treated fairly.
6. Multiple offers occur in a declining market when the floor has been identified. In some segments of our market the floor has be found.
Thank you for your time, if there's anything I can help you with, don't hesitate to ask;
“It’s a funny thing about life; if you refuse to accept anything but the best…you very often get it” Somerset Maugham
"Expect the Best" Pat Ogle
Pat Ogle, Associate Broker, CRS, DSAC, e-Pro, GRI, MCJ, REALTOR®
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