Multi-Offer Market Revisited !
MULTI-OFFER SITUATIONS
Multi-Offer Market Revisited !
It is very apparent that we are heading into another year of a seller ’ s dominated market . All CBD brokers should review these best practices for how to best handle this market from both the buyers and sellers side .
Here are a few tips from both sides of the fence :
REPRESENTING THE SELLER :
1 . Know and act like you are in control of the situation .
2 . If you or the seller don ’ t like escalation clauses , strike them and counter back on the terms and conditions the seller wants as if the escalation did not exist . Here is a good example : an escalation clause is attached stating buyer will go $ 50K over asking price with $ 5K bumps over next highest bid . You get another offer that is $ 40K over ask with no escalation . You could counter back to the better offer , removing the escalation at $ 45K over ask . In this market , most buyers just want to win , so they would be happy with this .
3 . Use a spread sheet to analyze the different offers , breaking out all the important deal points and present ALL offers to the seller . You don ’ t want to be called out later by some buyer for not presenting ALL offers as State Law demands .
CBD has created this spreadsheet to help you and your seller analyze multi-offer listings . This form will allow you to easily input highlights for up to 20 PSA ’ s so you can compare the offers side by side .
CBD Multi-Offer Seller Spreadsheet
4 . Over communicate with all the buyer ’ s brokers . Treat them like you would want to be treated , not like you probably have been treated by some unprofessional listing broker . This means let them know what the rules of engagement are in the NWMLS and follow them , especially if you are going to be reviewing all offers at some date in the future . Call
COLDWELL BANKER DANFORTH | BROKER ’ S BANTER | MARCH / APRIL 2017
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