PREMIER REAL ESTATE
THE LUXURY PANEL
may’sluxurypanel The Luxury Panel is a rotating group of San Diego’s top Real Estate professionals who specialize in the luxury market sharing their expertise on hot topics and home buyer & seller questions.
“What a seller really needs to consider when choosing from multiple offers is picking the buyer who presents the strongest offer with the most likelihood of performing and closing. In addition key factors to consider are a preapproval with a reputable lender, a clean offer without contingencies or red flags. The seller should also chose the buyer, who shows the biggest interest, perhaps with an emotional family letter from the buyer. Preferred is also a buyer who is flexible, upfront and proactive.” Oliver Indra Berkshire Hathaway HomeServices California Properties indraoliver@gmail.com
“The goal is to achieve the highest price with the most attractive terms. The most important items to consider when reviewing multiple counter offers are: Make sure that all buyers have been qualified. Typically the best way for sellers to respond to multiple offers is to invite all buyers to submit their highest and best offer. What is critical in this process is to make sure communication to all buyers is TIMELY and CLEAR. In this way we are able to achieve the best results.” Catherine and Jason Barry Barry Estates cj@barryestates.com
QUESTION What does a seller really need to consider when presented with multiple offers?
“The seller must consider which buyer is best suited for his property. In a multiple situation, many buyers will go in strong to get the offer accepted but grind the seller down during the due diligence period. The seller must consider the possibility of a large concession or cancellation if the wrong buyer is selected. Instead of choosing the highest offer, the seller should select the buyer that’s most compatible with his property and with the highest likelihood of closing the deal.” Paul Fan Willis Allen Real Estate paulfan@willisallen.com
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“In a multiple offer situation, price is always of utmost consideration to a seller. However, the seller also wants to give careful consideration to who is most qualified and likely to close. A cash offer with no appraisal contingency is a highly desirable position for a seller and deserves additional consideration over other offers. In addition, a buyer with a strong emotional appeal to the property has a high likelihood of working through obstacles and closing on time.” Julie Howe Pacific Sotheby’s International Realty juliehowe@sbcglobal.net