MULTIPLE OFFERS IN SARASOTA
One of the biggest concerns buyers have in today's Sarasota real estate market is what happens during a multiple offer situation.
SELLERS DICTATE THE PROCESS
While the listing agent may give the seller advice on how to handle multiple offers, the seller makes the decision on how the process will take place and how that process will produce a contract from a buyer with the highest and best offer.
Some examples are:
The bank owner of a foreclosured property usually issues a multiple offer disclosure, but it is not mandatory and few private sellers do this;
Sellers may advise the buyer's Realtor representative that offers must be submitted in writing by a specific date and time;
The seller can decide to negotiate with one or more potential buyers at one time. They may or may not tell this to your Realtor representative;
The seller may instruct the listing Realtor to disclose the terms of your offer to another buyer, to get that buyer to improve their offer.
While some of these examples may seem unfair or even against the law (these are all legal), as long as the seller gives the listing Realtor proper instructions, the seller decides how to negotiate the sale of their property.
BUYER'S AGENT ROLE
As your Sarasota buyer's agent, my role is to offer advice based on my successful track record helping buyers negotiate winning offers.
I can help you with the common issues of offer prices, escrow/security deposits, and financing terms that will make your offer appear as favorable as possible to the seller.
If you are interviewing other agents, they may be working with other buyers interested in the same types of property that you are looking at. Ask if they will sign a confidetiality agreement that will protect disclosure of your terms, personal situation, and negotiating strategy.
I am really glad we accepted the offer from your buyer. It's been a pleasure dealing with someone knowledgeable and reasonable.
Jeff M., Sarasota
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