Multiple Offer Part 2 ...

I got the dreaded call this morning that the buyer of the home in Gastonia got cold feet and backed out.  UGGGHHHH!  I had to remind myself that calm, collected heads will prevail.   The first action was to call the agent in second position to bring to his attention that if his clients offer was still on the table, we would like to work it to see if we could all come to terms.  Second action was to call my client and let them know what was going on.  Luckily, my clients are experienced in real estate transactions so their approach was that of a business transaction and nothing personal.  Together we came up with a strategy and worked it out with the party in second position.  By 5 p.m. eastern time, we were back under contract and avoided a real estate pitfall.  The smartest move we made was how we dealt with the multiple offers.  Instead of pitting both parties against each other and creating a bidding war, we chose the strongest offer to begin with and worked it .  Even though the buyer backed out, we did not feel we were in a bad position with the secondary party when I made the call this morning.  The selling agent actually made mention that he felt his client would be receptive to keeping the offer on the table as we didn't play games when holding the cards in the multiple offer situation.  Whew!
I'll let you know how it turns out as we are scheduled to close on 4/19.
Bryant Stadler, ePRO Realtor
http://www.bryantstadlerhomes.com/