Multiple Offers Notification – Just might cost your sellers money
April 15, 2009 by Jo Soss
Filed under 2) Real Estate Market Talk, 7) Blog
Who would have thought that in this buyer’s market you might find yourself in a multiple offer situation. Times have changed and I can honestly say that I have not been in this situation for the last 18 months. Sure there have been homes that one of my buyers might have wanted to put an offer in on but after being told there was already one being presented they would just move to the next home because the inventory has been so high.
But, last week I did receive a “Multiple Offers Notification” from a local agent who had listed a bank owned property. Here is what the instructions are:
Crap, is what I thought! This property which had been on the market for months now was the “Homecoming Queen” in her price range. I so hate multiple offers, I so hate a bid war, hate the thought of an escalation clause and all the broken dreams that go along with these situation.
I was thankful that the seller had made the stipulation that there was to be no offer submitted with an escalation clause. One frustration gone. So I called my buyer and gave the information. We talked about the property and my buyer decided after looking at all the facts to actually withdraw their offer. My buyer just didn’t want to play the game. There was another house in our line up. The following was the choices we had to choose from:
You can see where I have checked the box – The buyer has rescinded his offer to purchase. Yep, that is what we did.
The next day I thought nothing of this transaction. Maybe, it was because it was my birthday and I was taking the day off – well, off as much as a real estate agent selling homes can. I spent the day in Seattle with my sweetie. On my return to my home office I had a voice-mail from the Listing agent of this property. He wanted my to call him ASAP.
I thought how strange and I did. We played phone tag and finally we caught up to each other and he proceeded to tell me that my buyer’s offer was the best – yep you read that right, the BEST. Funny! I reminded the agent that my buyers had rescinded their offer but that I would call them and give them the information. I did and my buyers decided to proceed on a different home.
All fine with me, after all it is their purchase. The agent apologized to me because I am sure he thought I had lost a transaction. Not the case. In reality it was his seller that lost a transaction – the BEST transaction. I just kept thinking about this. Sometimes wanting to get more can cost you more. It would have been better for this seller to just take the best the first go, because if he did he would have received more for the property than what he will now receive.
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