New Listing - Ellwood Nash detached condo in Beacon Park (132 Mongoose)

USCTrojanCPA said:
Ready2Downsize said:
What happens if two buyers accept the counter they got?
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We did not counter with a specific amount on the counters, we asked each buyer to provide their best and final offer.  If for some reason more than one buyer has the same or very similar offer amount then I'll look at the terms of each offer (how many days to close, providing a free rent, etc) as well as the strength of the buyer (how much down, how much liquid funds did the buyer provide, etc).  There have been a few instances where some of my clients accepted a buyer who didn't have the highest offer but were confident that they would close on the transaction.
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In this market, are we seeing agents submit "proof of funds" in their offer to prove that the offers are legitimate? I've heard some offers being submitted saying they will do 50% down but end up doing less once their offer is selected. Not sure how common this method is though.
 
sleepy5136 said:
USCTrojanCPA said:
Ready2Downsize said:
What happens if two buyers accept the counter they got?
Click to expand...

We did not counter with a specific amount on the counters, we asked each buyer to provide their best and final offer.  If for some reason more than one buyer has the same or very similar offer amount then I'll look at the terms of each offer (how many days to close, providing a free rent, etc) as well as the strength of the buyer (how much down, how much liquid funds did the buyer provide, etc).  There have been a few instances where some of my clients accepted a buyer who didn't have the highest offer but were confident that they would close on the transaction.
Click to expand...
In this market, are we seeing agents submit "proof of funds" in their offer to prove that the offers are legitimate? I've heard some offers being submitted saying they will do 50% down but end up doing less once their offer is selected. Not sure how common this method is though.
Click to expand...

I have not seen a single listing in maybe the last 5+ years that did not ask for proof of funds with the offer.
 
sleepy5136 said:
USCTrojanCPA said:
Ready2Downsize said:
What happens if two buyers accept the counter they got?
Click to expand...

We did not counter with a specific amount on the counters, we asked each buyer to provide their best and final offer.  If for some reason more than one buyer has the same or very similar offer amount then I'll look at the terms of each offer (how many days to close, providing a free rent, etc) as well as the strength of the buyer (how much down, how much liquid funds did the buyer provide, etc).  There have been a few instances where some of my clients accepted a buyer who didn't have the highest offer but were confident that they would close on the transaction.
Click to expand...
In this market, are we seeing agents submit "proof of funds" in their offer to prove that the offers are legitimate? I've heard some offers being submitted saying they will do 50% down but end up doing less once their offer is selected. Not sure how common this method is though.
Click to expand...

Proof of down payment funds are required in submitting an offer along with a loan preapproval letter (if the purchase is financed).  Buyers can change their down payment once in escrow so long as they close.
 
Ready2Downsize said:
So if you have a lot of offers, ends up being an auction.

Do you ever go another round with the top offers?
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No, I typically just give the buyers one final bite of the real estate apple.  There have been a few times where top buyers ended up with $1,000 of each other but the seller opted to accept the stronger buyer and move on instead going back out for a second round of best and final counters.
 
woodburyowner said:
What was the reason for increasing the listing price during the multiple offer negotiation period?
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Signaling to the market that offers were in that range when we sent out the counters as well as to assist the appraised value (many appraisers focus on the listing price). 
 
Just got word from escrow that the transaction officially recorded.  The sales price is $1,185,000 (all-cash purchase) along with a 2-month free rent back to the seller.  Congrats to both the buyer and seller.
 
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