Legal Ease MULTIPLE OFFERS
the return of
BUYERS LINE UP FOR HOMES AS A SELLER’S MARKET LOOMS
In the depth of the real estate recession just a couple
of years ago who would have predicted that one of the biggest challenges some REALTORS®
would face today is
how best to deal with multiple offers on properties? Yet, in many parts of Georgia that is exactly where our in dus - try finds itself in the spring of 2013. Well-priced houses in desirable neighborhoods have become highly sought after with multiple buyers lined up to make offers. Why are we seeing such demand for these houses? The answer is simple. Buyers have come to the conclusion that the real estate market has not only hit bottom, but is rebounding. There is finally a sense of urgency on the part of buyers that if they do not act quickly, the incredible deals re - sulting from low housing prices and low interest rates will not be there for them.
Additionally,with solittlenew home
construction going on in Georgia and many sellers waiting to list their homes until housing prices have rebounded further, there is actually a shortage of quality listings in many desirable neighborhoods. While this trend is by no means uniformin Geor - gia or in all segments of our housing market, it is a good sign for the long term health of housing.
For REALTORS® who have practiced
for less than five years, this new(should I dare say?) seller’s market is some - thing they have never seen before. More experienced REALTORS®
, while
having worked in such markets be - fore, are discovering that some of the tried and true techniques for succeeding in a multiple offer en vi - ronment are giving way to newer approaches. This article will explore
12 IGEORGIA REALTOR® MAY I JUNE 2013
multiple offers from the perspective of both the buyer and the seller and discuss how REALTORS®
can help
their buyer and seller clients succeed in this new business environment without getting into legal trouble.
THE SELLER’S SIDE OF MULTIPLE OFFERS The Risks of Multiple Offers
Multiple offer transactions are risky for three reasons.
First, unlike most real estate transactions, the listing agent can be assured that at least one prospective buyer (i.e., the prospect whose offer is not accepted) is likely going to end up being disappointed and unhappy. Experienced REALTORS®
know that disappointed and unhappy buyers
are usually at the top of the list of people who end up filing lawsuits or complaints
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