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Thanks guys!  I got a “Best Answer” on Trulia Voices–The question posed on Trulia was concerning multiple offers and how to handle the counter offers.  Here was my answer:

Three offers is a great place to be for a seller!

Fortunately you are in California and your agent is using the CAR (California Association of Realtors) counter offer form. This form has a section for Multiple Offers.  If this box is checked, the three buyers and their agents are put on alert that they are in a multiple counter offer situation. In addition the three buyers are given a date and time to respond to your counter offer.

Even if all three buyers agree to the terms of the counter offer, it is you that decides which counter offer to put your approval on. You must initail in the appropriate place for your acceptance.

Don’t let it become a ‘foot race’ to get the counter offer back to you. Consider each offer for their individual merits. Have your agent check with each buyer’s lender while you are waiting for the response to the counter offer.

Congrats!