REAL ESTATE Q: We were just informed that there are multiple offers on our home. How is this handled so as to be fair to all parties? A: First off, let me congratulate you on receiving multiple offers. You have a desirable property priced correctly. Dick Phelps In a multiple offer situation, as in all our transactions, we strive to treat all parties equally and fairly. Confidentiality is very important in a situation like this. Details of the offers are to remain private throughout negotiations. The agent's main function is to carry out all your lawful instructions. This being the case, your agent needs to confirm from you how you want this handled. For example, your agent will need to know if you want him/her to reveal to all parties the multi-offer situation. In all fairness, if one party is informed, all parties are to be informed. By informing all parties of the multi-offer situation, you are giving all parties the opportunity to review their original offer and make changes they would want in a competitive offer situation. Once all offers are received, your agent should sit down with you and present each offer. Looking at the offers side-by-side so to speak, you are able to make a good comparison and choose the best of the offers. Price is not the only consideration. You need to know if they are qualified to buy. Do they have another home that must be sold before purchasing yours for example. Do the requirements of the type of financing they are using match up with your home. Contingencies are requirements that must be met before closing. The number and types of contingencies in the offer can greatly affect whether it is the best choice. Multiple offers can be exciting and often bring a higher selling price but a careful comparison of the offers is very important so as to truly select the best. Century2 For Questions Contact: Dick Phelps 218-766-5263 erphelps@century21dickinson.com DICKINSON REALTORS REAL ESTATE Q: We were just informed that there are multiple offers on our home. How is this handled so as to be fair to all parties? A: First off, let me congratulate you on receiving multiple offers. You have a desirable property priced correctly. Dick Phelps In a multiple offer situation, as in all our transactions, we strive to treat all parties equally and fairly. Confidentiality is very important in a situation like this. Details of the offers are to remain private throughout negotiations. The agent's main function is to carry out all your lawful instructions. This being the case, your agent needs to confirm from you how you want this handled. For example, your agent will need to know if you want him/her to reveal to all parties the multi-offer situation. In all fairness, if one party is informed, all parties are to be informed. By informing all parties of the multi-offer situation, you are giving all parties the opportunity to review their original offer and make changes they would want in a competitive offer situation. Once all offers are received, your agent should sit down with you and present each offer. Looking at the offers side-by-side so to speak, you are able to make a good comparison and choose the best of the offers. Price is not the only consideration. You need to know if they are qualified to buy. Do they have another home that must be sold before purchasing yours for example. Do the requirements of the type of financing they are using match up with your home. Contingencies are requirements that must be met before closing. The number and types of contingencies in the offer can greatly affect whether it is the best choice. Multiple offers can be exciting and often bring a higher selling price but a careful comparison of the offers is very important so as to truly select the best. Century2 For Questions Contact: Dick Phelps 218-766-5263 erphelps@century21dickinson.com DICKINSON REALTORS