These days, it seems like every listing we sell starts off in a multiple offer situation. From the listing agent’s standpoint it’s what we want. The competition serves to drive up the price. But from the buyer and buyer agent’s standpoint, it can really be discouraging submitting offer after offer on different properties and never getting them accepted.
With limited inventory, few sales, and huge buyer demand in many areas, it’s like throwing darts trying to figure out where to make an offer. I can’t imagine a more difficult time to be a buyer agent.
I recently wrote an article about ways to draft an offer that might help move it to the top of the pile in a multiple offer situation, or at least near it, it’s not foolproof. The buyers who are working with agents who know what they’re doing will try to incorporate as many of those things into the offer as the buyer will agree to.
In this article, I’m going to share how we handle multiple offer situations on the listing side. As listing agents, we owe our fiduciary obligation to our seller clients, but that doesn’t mean we can’t make sure everyone who submitted an offer gets a fair shot at buying the home.
Before I get started, I want to make sure everyone understands listing agents don’t make the decision on which offer the seller accepts. The sellers make that call. They might ask for our advice or recommendations, which we’ll give, but we always leave that decision to them. Believe me, we don’t want the sellers feeling like we’re “pushing” any particular offer. If it falls apart down the road, it makes us look bad. Here’s how we handle multiple offer situations.