FSBO w/Multiple Bids
Selling my Manhattan co-op en route to a new home in Brooklyn. We’re FSBO because I just couldn’t see handing over that 3-6% to an agent. So here’s the predicament: we have at least two offers – about the same amount. How to proceed fairly but make a good deal? Both seem qualified to pass…
Selling my Manhattan co-op en route to a new home in Brooklyn. We’re FSBO because I just couldn’t see handing over that 3-6% to an agent.
So here’s the predicament: we have at least two offers – about the same amount. How to proceed fairly but make a good deal? Both seem qualified to pass the board, etc. Any advice is appreciated.
the end result is that you want your apartment sold.
( Assuming that both buyers require a mortgage to buy your apartment)
unfortunately, the banks being what they are these days– ie being extremely picky and conservative after years of irresponsibly loaning people too much money– it’s less about which buyer has the highest bid and more about the buyer who will more likely to be approved for a loan.
start by running a credit check.
just remember nothing is legal until they’ve signed a contract, even then, you haven’t sold it until the closing.
lots of deals collapse these days
another consideration might also be their preferred timetable for closing, and whether they must sell their own place first. We (apparently, who really knows but the broker, right?) had our bid accepted for our place because we could close sooner than someone else with a substantially equivalent offer. Might be an issue for you, might not.
This is kind of where the agent earns her keep: she’d call each prospect up and try to wheedle them into upping their offers.
You don’t have to tell … well you just did, but … the buyers that you only have two offers, but “last and best” is a good bet. Tell everyone you want last and best offers by x o’clock and you’ll make a decision the following day.
Have them fill out a bid sheet (look online for one) to submit with best and last offer. It will make them spell out assets. You don’t want someone to get turned down by the board 3 months from now.
“Best and Last” is a good idea. Most buyers want to avoid a bidding war and would like the process to have a definite end.
What antidope said. The one with the fewer contingencies should prevail.
tell you have two substantially equivalent offers and that they can submit best and last offers. if you want a patina of fairness, have them submitted to your real estate attorney who you tell them will be advising you on the decision.
dont piss off the loser ’cause you may need them. this aint 2007.
maybe person with most money down should win… they are more likely to get financing. biggest headache would be selling it again if their mortgage falls through.
or you can just tell everyone there are two offers and put two contracts out. the first one to come back signed wins. that’s what we did (using realtor) and it worked fine. means the serious ones step up.
congrats on two offers!