In these days of Thinventory in many parts of our market...multiple offers are the name of the sale...and we always, as a courtesy, let every agent know that we have received more than offer and when the offers will be presented. The agent can go back to the Buyer and has the option of countering their own offer to a higher price if they wish...or leave the offer they wrote as their "highest and best." The decision is the Buyers to write and the Sellers to choose which works for them. The Sellers may choose one of the offers submitted...OR do a Multiple Counter. A multiple counter can mean that each offer received is sent a counter offer...Labeled MULTIPLE counter offer...and can each be countered for a different reason...the price, the closing date, the inclusions...no Buyer will now what the terms are for countering the other offer.
Escalation clauses in our experience, are to some ceiling above the asking price. The Buyer is agreeing to pay $X Dollars over the asking price up to $X when given proof by the Seller of another legitimate offer.
It seems that with a couple of offers this week....the mentality of Buyers has changed with Buyers believing that an escalation price...or offer...the BEST price is cash...regardless of whether it is at the list price, claiming to escalated but still below a shiny new list price....we are in their minds to the "Cash is King" mentality. If a quicker closing is included and that is the fondest desire of the Seller(s), that MAY be true. Did the agent ask before writing..."What is most important to the Seller(s) ?" No....they "knew" ....it had to be all about the money and not having to wade thru the financing contingency. Many Sellers look at the Price as being just that...the price...they will get money whether it is cash or financed. The "winner" is the agent who bothered to ask the question in our opinion....and echoed by our Sellers.
Before you assume...Ask...tailor the offer (if you can) to the Seller's desires....they make the choice of who gets the house.
If you want to make the best choice for a Realtor in southeastern Wisconsin...Call the Hansons, we are honored to be of service.