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Multiple Offer Madness

June 4, 2013 |  Article By : 

purchase agreement1With the lack of homes for sale right now and so many buyers looking for homes, the Twin Cities is really in a state of multiple offer madness.  For the sellers this is a wonderful time and they are in full control of their destiny as far as selling their home, but for buyers it is a complicated and often very frustrating situation.

Sellers know that multiple offers are likely if they have their home priced right so they are often taking their time in responding to buyers offers. Unless there is a specified time limit in the purchase agreement the seller does not need to accept or deny a purchase agreement within any specified time frame. Sellers can also choose what they will do with the offers they receive. The listing agent is required to present all offers to the seller but then it is up to the seller as to how they handle the offers.

In most cases the seller will offer all buyers the opportunity to submit their highest and best offer for consideration but the seller may just want to have their home sold and they can just choose an offer they like and be done with it without asking the other buyers for a better offer. The buyer’s agent has no influence whatsoever in this decision.

Real estate is a bit of a game as the offer details are always a secret, so the best strategy is that you offer your best offer up front and hope for the best. At times it may not seem like a fair game, but that is how real estate works right now.

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