805 Local

Many of our readers know that 805Local answers questions on Trulia.com.  Recently we received a Two Thumbs Up BEST  ANSWER on Trulia for the answer to a question dealing with multiple offers. 

Here’s the question from a home seller in San Jose, CA –

“After my home was on the market for four months, I suddenly received 3 offers over the holiday weekend. None are quite what I want, so I’d like to counter-offer all three with the same terms. My real estate agent says that’s okay. But, I’m concerned about the legality and risk of this. What happens if more than one accepts our terms? My agent says that we just pick the first one. But, aren’t we forming a contract to sell once the buyer signs the document regardless of the time/order?”

Below is the 805Local Two Thumbs Up answer on Trulia.com:

San Jose Seller,

Lucky you!! 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.