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Let’s start out by saying that it is a great situation to have.
Based on my experience and the recommendation of the National Association of Realtors, here are some guidelines and areas to consider.
At what point is an offer binding between all parties?
An offer does not become a binding agreement until such time that it is fully signed, sealed and delivered to all parties in the transaction. Therefore, you may request to be notified if another agent has told your agent that may want to or have submitted another offer on your property up until the time that your signed agreement is delivered to the first agent. After that point, you may still request to see other offers and accept them with the understanding that they are in backup position only.
Will the offers be in writing or verbally given?
You can request that all offers be in writing.
You can receive verbal offers with the understanding that they are not binding until such time as they are in writing. This allows you to accept any other offer that may be submitted until a written agreement is reached.
Will the offers be presented in any particular order?
It is not a requirement that the offers be presented to you in any particular order, however, out of fairness to the agents submitting the offers, they are usually presented in the order in which they were received.
Can I counter offer any of the offers or more than one of the offers?
Yes to both questions. Here are some suggestions:
You can pick only one of the contracts and run with it. The only problem is the other buyer(s) might not wait and might be lost if this one is not accepted.
You can run with them all, which means that you can verbally counter all of the offers with a very specific price, terms, dates etc. By doing this you are saying that whichever buyer accepts your counter and returns a written contract which is acceptable to you will enter into a contract with you.
Set a deadline. Using this strategy, you do not counter any offer. Instead, all of the buyers are given a deadline by which they are asked to submit their best offer. (Highest & Best)