Powerfact: Multiple offer real estate situations are here for a while, so it’s more important than ever to get skilled and confident about how to handle them.
By Darryl Davis
Some homeowners are thrilled to have 20 offers come in, and they’ll wait to pick the final one and they’re done and you can’t do anything about. BUT – if you have a chance that you have a buyer who’s offer will be presented, here’s what I would do… in phases!
When a new real estate listing comes on the market, and I’ve got buyers in that price range, I would work my butt to try and sell it! The moment I think that I have a buyer who’s interested I would reach out to that listing agent to build a relationship with them. I’d call them and say something like, “I have these great buyers, and this house will be perfect for them”. Or “My buyers just saw your listing, they are checking on a couple things, but I’m telling you they’re really excited!” Then I’d give them a little background on my buyers and why they are such a good fit.
I would have the mortgage loan officer who did the pre-commitment call with my buyers call the listing agent to let them know how strong the buyers are and why.
I would tell the listing agent, “Listen, I’m going to have my buyers make two mortgage applications, one with their guy and one with your lender of choice, that way whoever does the deal quickest is the one that they’re going to hire.” (This will help you win over the listing agent.)
Now, if I felt like my buyers weren’t being represented, then I might push back a little and let the listing agent know that we have another offer, but the caveat is that I have to personally present it. That’s going to probably not sit well with a lot of agents, but I would explain that you are fighting for your buyers and you want to ensure their offer is presented with as much enthusiasm as possible. If it’s in the offer that I have to present – the listing agent has to comply or get it in writing from his sellers that they don’t want to hear the offer.
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