Multiple offers - you either love them or hate them. When I first started my business, it seemed as if that was all I had and so I learned how to frame my offers early.
Multiple offers arise for several reasons. Usually a property comes on the market that everyone wants, whether for price, condition or location. Agents scurry around and try to get their buyers to see it quickly, knowing it won't last. After a day or two offers come in, and then it is up to the listing agent to sort things out. Another reason for mulitple offers is harder to explain: after months of a property sitting out there suddenly it's discovered and two or more offers come in within 24 hours of each other.
The general rule for multiple offers is "highest and best." The sellers will take the highest price with the cleanest ("best") deal. The fewer the contingencies, the cleaner the offer. Cash beats a mortgage, no home inspection beats waiting for a home inspector to come through and possible negotiations.
Today I presented in a multiple offer situation. My clients saw the home three days after it was listed, but already nine other agents had brought their clients. An offer was in, another was expected, two other showings were scheduled. We had to be fast and high, clean as a whistle.
We found a good number above the asking price, cash, 30 days to close, and absolutely no contingencies except the mandatory attorney approval on both sides. I handed the pen to the seller and he signed on the spot. My clients own their first home!
Hopefully the offer survives the attorney approval phase here in New York. He/she can simply nullify the offer and might if something so much better comes in. This is rarely done, but...stay tuned.
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