Every seller’s dream is to receive offers from more than one buyer. Although multiple offers were scarce last year, in some markets and price ranges, listings that are priced right are receiving multiple offers, particularly in the low-end foreclosure markets.  

Backup Offers Give Sellers a ‘Plan B’.

Most sellers are inclined to accept the highest-priced offer, but this isn’t always the best offer. For example, a seller of a hot property in the hills above Oakland, California, received six offers. The two highest offers were close in price, but the seller decided to accept the higher of the two. Fortunately, the suggested countering the next best offer for backup condition. 

The buyer in primary position had 10 percent cash for a down payment. Some issues came up during inspections that were going to be costly to repair. 

Before making the decision about which offer to accept, it’s important to review all terms and conditions of the contract, not just the price.  In another case, a seller received two offers. One was quite a bit higher than the other. After reviewing the highest price offer, it turned out that the price wasn’t as high as it seemed. 

The agent representing the buyer was from out of the area and didn’t know the fees associated with a home sale were customarily shared between the buyer and seller. In terms of net proceeds to the seller, the offer price was $10,000 less then it would have been if the offer included an allocation of fees that was according to local custom. 

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