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In the event of two separate buyers interested2

If selling for sale by owner.... a buyer has started the process of qualifying and finding a lender... If during that time another buyer calls and wants to buy, how is this handled???
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May 25 2013 - Globe
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Profile picture for wetdawgs
If there are two interested parties, keep the interest high with both of them until you get an actual written purchase offer in hand.    There is nothing wrong with letting both parties know of the interest, but your don't have a purchase offer until you have something in writing with signatures of both the buyer and the seller.

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May 25 2013
Profile picture for user0233882
Nothing has been put in writing or signed. I am going to use the same title agency who was used when we originally purchased this home.  The same title agency gave us a "For Sale By Owner Worksheet" which is for informational purposes only, to be filled out...will be submitted to that agency so that escrow can be opened.
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May 25 2013
You need to hire a real estate agent!  Why are you doing this yourself?  Do you have a contract signed by the buyer and seller (you)?  If not, keep looking for an offer!!!!
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May 25 2013
Profile picture for wetdawgs
Have you signed the first offer?   If so, you are committed to the contract.     If you've not signed the first offer, then the suggestions of the agent are reasonable.
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May 25 2013
What you are referring to is a multiple offer situation. Different locales may have differing protocol for handling a situation like this. I practice in beautiful Naperville IL, a suburb about 38 miles west of Chicago... and here is what we typically do.

We notify both parties that they are in a multiple offer. Usually this means the two Realtors representing the two Buyers, but in your case, if the Buyers are without Realtor representation - then you would just notify the Buyers directly. None of the Buyers are afforded any knowledge of any of the terms of the competing offers. Both Buyers would then write their "highest & best" offers, and forward them to you.

You would review both offers, and choose which Buyer you want to negotiate with in earnest. Then you would contact that Buyer, tell them which terms you want to fine-tune, and accept the offer. If for any reason you cannot come to terms with that Buyer, you can then break off negotiations with them, and turn to the other Buyer to negotiate in earnest. Since "highest & best" offers are so competitive to begin with, usually you are able to put it together right away with the Buyer that you initially choose to negotiate with. And again, because the offers were presumably competitive to begin with, sometimes it's enough to accept the best offer - without additional negotiating.

During this process, Buyers are NOT competitively pitted against each other in a seesaw fashion of negotiation. You review all offers and turn cleanly to one Buyer only. And only in the rare case of that offer not coming together - you cleanly break negotiations with that Buyer, and then cleanly turn to the other.

Word of warning - unless a Buyer is FULLY pre-approved with a reputable Lender, they are in no condition to even be looking at homes, let alone compete effectively in a multiple offer. You mentioned your first Buyer was in the process of securing financing. Proceed with caution... they should have done that before they looked at even one home.

I wish you well with your venture! And congratulations on the interest in your home!
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May 25 2013
 
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In the event of two separate buyers interested2
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Latest answer by wetdawgs
May 25 2013 | 5 answers
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