SC market sounds red hot in some areas of SC.
Hotline getting multiple offer questions daily.
Multiple Offers – What factors make the Seller choose a buyer?
Buyer reps are interested to learn how to make their buyer offers more attractive in multiple offers.
Listing agents, please feel free to email info and let SCR know what the top factors that sellers typically like.
What are the primary factors that sellers use to decide on a buyer during a multiple highest and best offer procedure?
Some choices for sellers (feel free to add choices not on this list):
HIGHEST PRICE – price sells real estate.
QUICKEST CLOSE – sellers generally want to close quickly/effectively.
BEST CHANCE TO CLOSE (cash buyer with attached proof of funds, financing buyer with attached strong pre-approval documents or low LTV loan)
HIGH DUE DILIGENCE TERMINATION FEE
Due diligence is seller friendly because sellers should receive the due diligence termination fee if the buyer terminates and the buyer only has a limited due diligence termination period. Statistics show that buyers walk on repair procedure, but the seller does not get a termination fee and the seller must hire a lawyer and sue to get any money.
AS IS (SCR391)
Note that buyers still have some protections in the contract if the finance contingency is checked, the appraisal contingency is checked, the CL100 contingency is checked. Also, sellers have duties to maintain the property on page 1 of SCR310 and there are contractual solutions to a casualty which impacts the property.
BEST CONTINGENCIES
SCR504 handles a buyer who cannot sell their other property in a timely manner.
Posted by : Byron King on 5/8/18 (This information is only accurate as of 5/8/18. You must contact SCR for updates and changes to this information after 5/8/18 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)