Handling Multiple Offers: Old vs. New School

Listing Agent Hubris(?): Pre-Announcing Multiple Offers

“Seller allowing showings to start on Friday. All offers to be reviewed on Monday noon. Price to sell to best offer on Monday.”

–Excerpt, recent MLS listing.

Call me old school, but the sequence for multiple offers that I’m familiar with is:

Step #1: List home on the market.
Step #2: Buyer showings commence.
Step #3: Offer #1 received.
Step #4: Offer #2 received.

At that point — and only at that point — the listing agent (representing the Seller) typically contacts all interested parties (including the two Buyers who’ve submitted offers) to inform them that the home is in multiple offers.

Part 2: announce the deadline for Buyers to submit their “highest and best” offers — usually, within 48 hours.

“Ready, Fire, Aim” — Multiple Offer Version

Now contrast that with the new protocol for handling multiples — as practiced by at least some agents — in today’s super-tight, inventory starved housing market:

Step #1: Announce multiple offers (or that “the house is priced for multiple offers,” “expects to be in multiple offers,” etc.)
Step #2: Put home on the market.
Step #3: Buyer showings commence.
Step #4: Offer #1 received (or not).
Step #5: Offer #2 received (or not).

It all recalls Thomas Wolfe’s updated version of “getting to first base” (as in, stages of dating) in his novel, “I Am Charlotte Simmons.”



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