If You Like It Then You Should Have Put A Ring On It!
Figuratively speaking, Beyonce was talking about a wedding ring. But how does that apply to a real estate transaction?
Recently an agent brought us an offer on one of our listings. After careful consideration, the seller countered the buyer’s offer which we presented to the buyer’s agent. The buyer, thinking he had the upper hand with an offer on the table decided to take his time responding and, in his words, “make the seller sweat a little” thinking this would save him a little money.
While the buyer (let’s call him Buyer #1) was taking his sweet time responding to the seller’s counter, lo and behold, along comes another agent with a great offer from Buyer #2. The seller was pleased with the offer and wanted to accept it but was concerned about his obligation to Buyer #1. “Do I have to ask both buyers for “highest and best” or am I free to accept this offer if I like it?” he asks.
Now, I’m not an attorney and I didn’t sleep in a Holiday Inn Express last night, but in the states of North Carolina and Georgia where we practice, a seller is free to take any offer he deems acceptable. Contrary to popular opinion, the seller is NOT obligated to call for highest and best in a multiple offer situation. Yes, it is ONE way to handle it, but not the ONLY way.
So, while Buyer #1 was dancing around thinking he had the upper hand he lost out on the home he really wanted.
When you’re representing a buyer please let them know that, until an offer is ACCEPTED and a contract SIGNED that another buyer can swoop in and steal his dream.
Have a Prosperous 2014!
Bill and Cyndi