How do Home Sellers handle Multiple Offers?
Here in the San Francisco Bay Area multiple offers are still the norm. Demand is high and inventory of homes / condos for sale is low. The tech industry has brought in a lot of people with money to spend!
Here in San Francisco's West Portal neighborhood where my office is located, 9 homes sold in the past six months. The selling price averaged 12.5% over asking, with an average 21 days on market. Median sales price of $1,385,000.
How do home sellers handle multiple offers? It's a combination of many different details:
1. The highest offer
2. The best mortgage-qualified buyer
3. The offer with no contingencies
4. The all cash offer
5. The buyer who can close the fastest.
John M Scott, Broker / Owner, Scott Keys Properties, Certified Distressed Property Expert (CDPE), Council of Real Estate Brokerage Managers (CRB), serving San Francisco and the surrounding San Francisco Bay Area