Handling Multiple Offers
Today's webinar features Rob explaining multiple offers, how to win them as a buyers agent, what to do with them as a listing agent, and the language to use to escalate your bid.
Your letter to the seller should include the following:
- Description of the loan program buyer is using
- The borrower has the Credit Score to meet the loan program
- Completed Mortgage Application
- Provided Lender with Bank Statements
- Provided Lender with Pay Stubs
- Provided Lender with Tax REturns
- Provided Lender with Retirement Statements
- Provided Lender with payment or authorization to pay for the Appraisal
Copy and Paste to use in Addendum for Escalation Clause
- 1 - ESCALATION TERMS: The following terms will apply to increase the Purchase Price of this offer:
a. Competing Offers: If prior to Seller’s acceptance of this REPC, Seller receives one or more additional written offers to purchase the Property (“Competing Offers”), with terms acceptable to Seller which would result in higher net proceeds (Purchase Price minus any Seller concessions) to Seller from the Sale of the Property than the net proceeds which Seller would obtain by acceptance of this REPC, then Buyer and Seller agree to be bound to the Terms of this Escalation Clause.
b. Escalation Amount: Buyer agrees to increase the Purchase Price by the amount necessary to permit Seller to realize net proceeds that are $________ more than the net proceeds of any Competing Offer.
c. Cap: The Purchase Price under this Offer shall not exceed $__________ (“Cap”).
d. Documentation: If Competing Offers cause the escalation of the Purchase Price in this Offer, the Seller will provide the Buyer with a copy of the highest net offer, with personal information redacted for privacy.
e. Multiple Escalations: The Buyer acknowledges that multiple offers containing escalations clauses may result in multiple escalations and, in some cases, escalation to the Cap
Make A Copy Of The Spread Sheet For Use In Multiple Offer Situation
- Open Link while logged into Gmail
- Click on File tab/Make a Copy