Offer
When an offer arrives, John will personally explain the key points and give an estimate of your financial net proceeds after closing costs and fees.
You will be presented options. These typical include Reject, Accept, Counter, or Wait.
John will give you his advice.
The decision of how to respond is yours.
If multiple offers are received, the situation must be handled professionally.
Sometimes the term "bidding war" is used, but it is misleading. In Texas we have laws that do not exist in other states. For the most part, these make the details of other offers private - not shared with competing bidders. We usually call for "highest and best" offers by a deadline.
You can provide hints as to what would make an offer better. For example, if you favor a 10 day lease-back after closing you could share that information with all the bidders.
It is important to share the existence of multiple offers on an equal basis. You could tell none of them. Or everyone who has submitted a written offer. Or everyone who has submitted or told us that an offer was on the way. Or everyone who has seen the house. Or expressed an interest. These last two are almost impossible to accomplish 100%. An example would be an open house visitor who gave no contact info.
John typically recommends drawing the line at those who have submitted or expressed that they would be submitting an offer.
First Often Best
There is a rule of thumb that the first offer is usually the best. Like most rules of thumb, it is often but not always true.
After all, what do thumbs know?
The reason is that the potential buyer who is most interested usually hurries to see the property and is able to make a faster decision because they like it so much.
You will be presented options. These typical include Reject, Accept, Counter, or Wait.
John will give you his advice.
The decision of how to respond is yours.
If multiple offers are received, the situation must be handled professionally.
Sometimes the term "bidding war" is used, but it is misleading. In Texas we have laws that do not exist in other states. For the most part, these make the details of other offers private - not shared with competing bidders. We usually call for "highest and best" offers by a deadline.
You can provide hints as to what would make an offer better. For example, if you favor a 10 day lease-back after closing you could share that information with all the bidders.
It is important to share the existence of multiple offers on an equal basis. You could tell none of them. Or everyone who has submitted a written offer. Or everyone who has submitted or told us that an offer was on the way. Or everyone who has seen the house. Or expressed an interest. These last two are almost impossible to accomplish 100%. An example would be an open house visitor who gave no contact info.
John typically recommends drawing the line at those who have submitted or expressed that they would be submitting an offer.
First Often Best
There is a rule of thumb that the first offer is usually the best. Like most rules of thumb, it is often but not always true.
After all, what do thumbs know?
The reason is that the potential buyer who is most interested usually hurries to see the property and is able to make a faster decision because they like it so much.
