Multiple Offer Situations: Whats a Multiple Offer Situation?
Sometimes there will be more than one offer submitted on a property at the same time, due to desirability and heavy buyer demand. Depending upon the circumstances, one of three possible scenarios will unfold. In the first possible scenario, the seller’s agent will call up each of the buyer’s agents, notify them that they are in a multiple offer situation, and indicate a specific price the seller is willing to accept. If a particular buyer wants to pay that price, the property may or may not be sold, depending on other factors. This specific scenario, called “countering with a specific price” is not used as frequently as it once was. The second possible scenario is known as the “Best Shot” procedure. In this scenario, the seller’s agent will call up all of the buyer’s agents, and notify them that they are in a multiple offer situation, and advise each agent to come back with their “best shot”. While the use of this procedure tends to expedite the negotiations, some buyers complain that
