A couple of weeks ago I presented two purchase offers to one of my Glen seller clients. By “Glen seller” I mean a homeowner in the upscale development known as The Glen in Glenview Illinois. I only had this home on the market for a few days, but a strong marketing campaign produced immediate showings, resulting in two qualified buyers vying for the home at exactly the same time. What to do?
Obviously this was a nice problem for my sellers. Typically in this situation sellers will choose one of two paths.
They can select the best offer, and authorize their realtor to negotiate exclusively with that buyer for a higher price and better terms. If the negotiation process produces an agreement, the sellers have succeeded in selling their home, assuming of course that no inspection or financing problems pop up. If negotiations bog down the sellers may choose to go back to the other buyer and begin negotiations.
Alternatively sellers can call for a jump ball. That’s basketball terminology of course, but it’s apropos in this case. The sellers’ realtor asks both potential buyers to provide their “best and final offer” by a certain time, usually within 24 to 36 hours. While home buyers are generally not thrilled with this approach, they usually comply; and it generally produces a great result, particularly in situations where there are two highly motivated buyers whose initial offers were similar in price and terms.
So how did it work out for my Glen sellers? Well they chose the “best and final” route. But this one had a twist. They didn’t select the higher priced offer. It turns out that the lower priced bid had far more favorable terms and no conditions of material concern. Interesting, huh?
If you would like more information about real estate in the Glen, please contact me. I’m a Glen resident and an award winning realtor affiliated with Coldwell Banker.
Margaret Ludemann 847-401-1802 firstname.lastname@example.org