SPECIAL STIPULATION Buyer acknowledges that multiple prospective buyers have made
offers on the Property and that the purchase price of Buyer in an arm’s length negotiation may exceed the appraised value of the Property. Notwithstanding any provision to the contrary contained herein, Buyer agrees that (a) the Property not appraising for at least the purchase price shall not be a basis for buyer to seek for a reduction in the purchase price of the Property or terminate this Agreement due to the failure of any financing contingency to which this Agreement is subject; and (b) in the event the Property does not appraise for at least the purchase price herein, Buyer agrees to pay cash for all amounts in excess of any mortgage loan for which Buyer has been approved.
THE BUYER’S SIDE OF MULTIPLE OFFERS From the buyer’s perspective, multiple offers are mostly
about the buyer figuring out how to distinguish his or her offer from others. There are five basic ways this can be done.
Make the Listing Agent Like You Being a difficult buyer or selling agent can cost your
buyer the property in a multiple offer situation. All things being equal, most listing agents would prefer to work with buyers and selling agents who are nice people and easy to work with. When everyone likes each other and work well together it also increases the likelihood of the deal getting done and decreases the risk of claims after closing. While being a difficult selling agent or buyer may have been tolerated in a buyer’s market, it definitely does not play well in a seller’s market.
Be in Regular Communication with the Listing Agent
There’s a lot that can be learned from talking regularly
with the listing agent including whether the seller has any special needs regarding the transaction and the degree to which other buyers are interested in the property. So, for example, if you learn in a conversation with the listing agent that the seller would like to close by a particular date, you now have critical information that can be used to distinguish your buyer’s offer from others. Regularly communicating with the listing agent is also a way to send a message to the seller of the buyer’s interest and commitment to the property.
Remind Your Buyer That He Who Hesitates is Lost
Whoever came up with the above proverb must surely
have been a selling agent in a seller’s market. Buyers who delay in a selling market usually end up losing good properties to other buyers until they finally learn the lesson that they need to act quickly. Buyers sometimes forget that if they really like a property and think it is
16IGEORGIA REALTOR® MAY I JUNE 2013
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