Multiple offers on homes have been common of late and they can be difficult to navigate for buyers and sellers. No deal is a straight line to close, and we try to navigate the twists and turns as best we can.

On the sell side, we get a sense if there will be multiple offers by the end of the first weekend that a house has been on the market. If it looks like you have more than one definite offer coming in, it’s usually in the seller’s best interest to ask for best and final offers by a certain time that allows interested parties to see the house and get paperwork in order.

On the buy side, you will know how many offers are coming in, but not the terms. As a buyer, you want your offer to stand out with price being a critical factor.  However, depending on the seller’s needs, closing date, and financing terms, other contingencies can play a deciding role. Our job is to help place a value on those other factors. Occasionally 2 offers are equally attractive and the seller may ask both buyers what they feel comfortable doing to tip the scale in their favor.

Congratulations, your offer was accepted! Now 2 days into attorney review you hear that someone had to have the house and came in with a blockbuster offer. The seller weighed taking a better deal versus alienating the first offer and potentially ending up with nothing. This is when an agent’s market knowledge is critical as it pertains to negotiating.

Alternately, on the sell side — surprise! — your buyer got cold feet or found a house they like better and canceled the contract. Hopefully you’ve dealt fairly enough with the “2^nd place” offer, or that they will move forward with their deal.

I’ll reserve further discussion of attorney review for next month, but suffice it to say that it’s a twisty road to closing.