(The period before the offer deadline is the courtship, and buyers really need to be on their best behavior with both the seller and the listing agent.)Īnything else to know about multiple counter offers? I have seen sellers who were annoyed by rude buyers (or their agents) give the unpleasant people a sky high counter.Some sellers approach multiple counter offers the way some high school seniors approach college applications and target a “safety” price, a probably attainable price, and a “reach” price – and put three different numbers out there.Sometimes all the issues are relatively small, such as whether or not the washer, dryer and fridge stay, or how much to pay for a rent back.Other times the offer may be great but the contingencies are just too long, so the seller asks for them to be shortened. The seller may only counter out the appraisal contingency. A good example might be a sky high price with 5% down and FHA backed financing and an appraisal contingency (but money available that the buyer just doesn’t want to put in the down payment). Another potential buyer may have a strong price but not so hot terms (long contingencies, too many contingencies, less than ideal downpayment or financing).That buyer may only get a counter based on price. all cash, no contingencies, or?) but a price that’s not quite right.There may be an offer with great terms (.There are many possible reasons for this. Most of the time, though, that’s not the case – the price and terms are not identical between one bidder and the next. When a seller responds with a multiple counter offer, the price and terms could be the same for all of the bidders. Just pay attention to the details! Are the price and terms of multiple counter offers all the same? But either way, it’s clear that the seller must agree to choose one of the willing buyers. Obviously, it is extremely important to notice whether you’re receiving a regular counter offer or a multiple counter offer. However, at the bottom, there’s a place to indicate if it is a multiple counter offer. The Peninsula Regional Data Service (PRDS) form is not separate – it’s the same document used for just a single, binding counter offer. Unless this is signed, the buyer doesn’t have the deal. Near the bottom of the page, there’s a place for the seller to sign when selecting a buyer for the sale. The CAR forms library has a separate document for multiple counter offers. Many areas such as Almaden or Campbell may work with either. The PRDS is employed from about Los Gatos to somewhere south of San Francisco on the Peninsula. The California Association of Realtors (CAR) set is used throughout the state. in use in Silicon Valley – the PRDS and the CAR. We have two sets of contarcts, addsenda, etc. CAR and PRDS multiple counter offer paperwork The owner must sign again to accept and select that buyer. In other words, when a buyer agrees to the multiple counter offer terms, it’s not a done deal. No matter the exact path, the seller ultimately must pick one offer and sign off on it to ratify the sale. With the multiple counter offer process, the seller decides after one or more of the buyers accepts (or if they counter back and forth, or if one buyer improves his or her offer). If they like two or more offers and want to counter them, they have an option to issue a Multiple Counter Offer. If Silicon Valley home sellers expect to receive multiple offers, most of the time there will be a deadline on a set day, often 7 to 9 days after the house or condo is first on the market. Some properties are under-priced and attract multiple offers. The percentage of homes receiving multiple offers has been shrinking considerably since the market peak in spring of 2018.
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