Multiple Offer? What's a Good Offer?
We're fast approaching our high season, when real estate activity in the Sarasota area traditionally increases from the summer months. The increasing buyer demand for property, combined with shrinking inventory, means many buyers will likely be faced with a multiple offer situation, especially on aggressively-priced short sales and foreclosures. When this occurs, the owner's agent (private owner or a bank) will advise me as your buyer representative to present your highest and best offer. Some banks, such as Bank of America, will require that you sign an acknowledgement that multiple offers have been received, and give you a deadline date for making your best offer. But what's a good offer when competing with other interested buyers? A good offer (highest and best) in the eyes of a bank or a property owner consists of these items: Highest offer price : Think of the list price as a guide and try to dismiss your initial reaction to paying at or above list price....