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Today we are going to talk about how to handle multiple offer situations in Beverly Hills. When you receive multiple offers on your home, there are a few different ways you can approach the situation.
First, you can counter all the other offers. Ask all the buyers’ agents to submit their highest and best offer by a specific date.
Another option you have is sifting through all the offers and simply picking the one or two strongest to counter. If one offer is clearly better than all the others, you might want to go ahead and accept that one right away.
Here’s what you should be looking for in a strong offer. First off, you want very strong supporting documents, which include a current proof of funds and a current pre-approval verification. On top of that, we want our lender to cross-approve the buyer to make sure they are financially capable.
When you are a seller dealing with multiple offers, don’t just look at the numbers. You also have to look at the terms and evaluate the offer as a whole. Often times, people will try to trap the seller with an attractive price, only to load up on the contingencies. We don’t want that.
We want to see the entire agreement, looking at the price as well as all the terms. We also want to see who is representing the buyer and make sure they have a good track record. At the end of the day, you want a smooth transaction as well as the highest and best offer.
Every situation is unique, however. So if you have any specific questions for us about buying, selling, or investing in Beverly Hills real estate, give us a call or send us an email. We would love to hear from you!
