Working as an agent selling homes in Charleston South Carolina, I have found that representing the seller in a multiple offer situation is much different than when representing buyers.
Sellers are very happy to have more than one person wanting to buy their house. And as an agent, it really is a good position because we know someone's going to buy the home ultimately.
But I still don't really love multiple offer situation through representing the seller because I know that there's a buyer on the other end that will ultimately be let down. (I like selling houses, but I want everyone to feel good about it. With multiple offers, someone always loses)
With that being said, treating other agents with respect is extremely important. Buyer agents work hard, many times giving up their weekends to show property. So when multiple offers come in, I like to level the playing field on all aspects, treating everyone involved as fairly as possible.
When receiving multiple offers, my first step is to get permission from the seller to let all parties know that we have more than one offer on the table.I then proceed to go over both offers with the seller, and let them know the pros and cons of each.
Sometimes when an offer is a higher price, the terms may not be as good as a lower offer. Having handled many transactions since 1995, I have found that there are little nuances about buyers and their agents that I have to tune into very closely. I do this to make sure I am reading into the transaction as thoroughly as possible to try to foresee any trouble that may come up in the future. I also like to have significant discussions with both agents. The reason being is that many times what they don't say will clue me in to what I should be watching out for.
One danger associated with letting everybody know that we are in a multiple offer situation is that both buyers may go away. While it has never happened in my career, it is certainly something that I discuss with the seller when strategizing on the situation. I say this because there are some buyers out there who do not want to engage in a "bidding war". One or both of the buyers may decide to completely walk away if they realize that they're in competition with someone else.
Lastly, one of the main ideas that I want to put across to the agents and the buyers that are on the other side of the table is that nobody likes playing real estate games. I try to be as transparent and objective is possible, without giving away personal information that may harm my client. I just try to tell people that I like to level the playing field, not play favorites and present the the offers in the best light possible.
Most people appreciate this approach, and I feel like it follows a golden rule mentality. To treat others as I like to be treated is very important in personal and business life.
If you ever have questions about multiple offers (which is happening very frequently in Mount Pleasant) or if you have any other questions about buying or selling homes in Charleston South Carolina, let me know.
Thank you for reading!
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