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By Jennifer Lynn Walker<\/p>\n
When is enough effort enough? If you are the selling broker dealing with a multiple offer situation, how much effort should you take to get a hold of the buying broker to notify them of the other offer? You would think it would be their top priority since it could end up in a bidding war. Your real estate broker of course would be relentless in notifying the other broker. Are you sure?<\/p>\n
As a selling broker you\u2019ve got an offer on the table. That afternoon, you hear of another one coming in\u2026by Sat night, you receive the fax for the second offer. You call the 1rst broker at 20:00 and leave a message on their phone. The deadline for both offers is 22:00 that night. That one phone call is all the effort that is made\u2026is that good enough?<\/p>\n
As a seller, your best scenario is to have multiple offers and for all of them to be aware of each other. Legally that is the job of your broker. You want all the offers to put their best foot forward, blindly trying to outdo all the others. In these cases it\u2019s not surprising to see buildings go for asking price or more.<\/p>\n
I was the first offer and did not get a chance to answer the phone that night. If the broker tried calling me again or texted or emailed, I would have gotten the message that another offer was in. Surprisingly, instead of the broker waiting until he has gotten a hold of me, he presented the offers as is to the vendor and the second offer, the one knowing of multiple offers was picked. Not surprising.<\/p>\n
Any good broker wants the best for their clients. In this scenario, it would have been in the best interest of the vendor if I had known about the other offer so we could change ours to be more competitive. The timeline at this point wouldn\u2019t have mattered. The listing broker should have informed the 2nd offer that owner was going to answer to the offers the next day. If that took an amendment for the 2nd offer to change the timeline so be it.<\/p>\n
What\u2019s the most important thing here is not the deadline of an offer, but the effort you take to get the most for your client.<\/p>\n
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Jennifer Lynn Walker has specialized in buying and selling both residential and multiplex properties since 2003. She’s built a strong network of specialist, to give her clients a seamless experience throughout the real estate journey. Founder of\u00a0Montreal Real Estate Investor\u2019s Group, and Jolly Green Homes.\u00a0\u00a0<\/em>How can I help you today?<\/a><\/strong><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" By Jennifer Lynn Walker When is enough effort enough? If you are the selling broker dealing with a multiple offer situation, how much effort should you take to get a hold of the buying broker to notify them of the other offer? You would think it would be their top priority since it could end […]<\/p>\n","protected":false},"author":2,"featured_media":8548,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"When is enough effort enough? If you are the selling broker dealing with a multiple offer situation, how much effort should you take to get a hold of the buying broker to notify them of the other offer? You would think it would be their top priority since it could end up in a bidding war. Your real estate broker of course would be relentless in notifying the other broker. Are you sure?\r\n\r\nAs a selling broker you\u2019ve got an offer on the table. That afternoon, you hear of another one coming in\u2026by Sat night, you receive the fax for the second offer. You call the 1rst broker at 20:00 and leave a message on their phone. The deadline for both offers is 22:00 that night. That one phone call is all the effort that is made\u2026is that good enough?\r\n\r\nAs a seller, your best scenario is to have multiple offers and for all of them to be aware of each other. Legally that is the job of your broker. You want all the offers to put their best foot forward, blindly trying to outdo all the others. In these cases it\u2019s not surprising to see buildings go for asking price or more.\r\n\r\nI was the first offer and did not get a chance to answer the phone that night. If the broker tried calling me again or texted or emailed, I would have gotten the message that another offer was in. Surprisingly, instead of the broker waiting until he has gotten a hold of me, he presented the offers as is to the vendor and the second offer, the one knowing of multiple offers was picked. Not surprising.\r\n\r\nAny good broker wants the best for their clients. In this scenario, it would have been in the best interest of the vendor if I had known about the other offer so we could change ours to be more competitive. The timeline at this point wouldn\u2019t have mattered. The listing broker should have informed the 2nd offer that owner was going to answer to the offers the next day. If that took an amendment for the 2nd offer to change the timeline so be it.\r\n\r\nWhat\u2019s the most important thing here is not the deadline of an offer, but the effort you take to get the most for your client.\r\n\r\n\r\nSend Page To a Friend<\/span><\/a>\r\n\r\n\r\nI've started this group because I love real estate and educating people on the matter. If you would you like me to work for you, call me, Jennifer Lynn Walker 514-402-8444<\/a> or EMAIL ME<\/span><\/a>!\r\n\r\n