![]() It seems that personalities often dictate which response a seller will choose in a multiple offer scenario. The last 3 options have a lower likelihood of securing the contract for the property. They could also counter less than the amount of the multiple counter, or decide to sit it out, or reiterate their original offer was their highest and best. If they really want the house or property, they can actually make a counter to the multiple counter and increase the attractiveness of their offer in order to try to be the successful buyer. Perhaps some dates, terms, or contingencies make one offer more or less attractive than another and therefore the seller may be willing to accept more or less from one buyer versus another.īuyers that receive a multiple counter have a few options. The multiple counters sent out to different buyers by the seller do not need to have the same terms. They will then sign it a second time, deliver to the buyers, and they will have an accepted contract. In order for the multiple counter to be a binding contract, the seller at this point will decide which of the 2 multiple counters they want to accept. Two of those 3 decide to accept the seller’s counter offer and sign the multiple counter form and send back to the seller. They send out the multiple counter to the 3 buyers. Of the 6 offers, there are 3 that stand out to the seller and they decide to do a multiple counter to just those 3. A seller receives 6 offers on their property. The multiple counter offer form used by REALTORS® in the Bozeman area is a specific form and differs from the standard counter offer form in that in order for it to be a binding agreement between buyer and seller, the seller needs to sign it twice. Or, they can make a multiple counter to more than one buyer. They can also pick their favorite offer from the group and make a counter offer to just one particular buyer. They can pick their favorite offer from the group of offers, sign it and be done. If a seller receives multiple offers for their property, they have a few options. This form or process can be new to many buyers and sellers and is worth discussing. As we continue to see new listings generating multiple offers, we’re also seeing an increase in the use of the multiple counter offer form. ![]() If possible sign it right away, get into escrow, and if a few minor details need to be discussed once in escrow that is OK.Last month, I wrote about how buyers can try to be competitive in multiple offer scenarios. So keep this in mind if you are in a multiple offer situation and receive a counter offer. Falling out of escrow has a stigma about it, buyers will wonder what went wrong, so sellers prefer to stay in escrow and close if at all possible. We have found that sellers do not want to fall out of escrow, so while they were reluctant to allow 15 days prior to going into escrow, they would probably OK a 5 day extension rather than falling out of escrow and having to start again. Well 8 to 9 days into the inspection if you still need more time you can let the seller know. For example, say you wanted a 15 day inspection period, but they countered with a 10 day inspection period. Sometimes small things can be negotiated during the escrow process. So if you are OK with the price but there are some minor things you would like to change we suggest not changing them and just living with those minor things. Once both parties have signed the counter offer, then it is binding and you are in escrow, but until that time the seller can withdraw as desired. It might have a response required within 24 to 48 hours, but at anytime and without warning the seller can withdraw that counter offer and accept another offer. You have to keep in mind a counter offer can be withdrawn at anytime. If you are lucky enough to get a counter offer in a multiple offer situation, you really want to accept it unless there is something major that you can’t live with.
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