We are officially in the season of multiple offers for many properties, especially those below $750,000. Navigating multiple offers is best done by one of our Beacham agents. Here’s why:
• Escalation clauses often come into play and have both positives and negatives for buyers (and sellers). Even some agents aren’t comfortable with them. Our agents are.
• Unrepresented buyers are at a disadvantage even if they are the high bid on a property listed by an agent because the listing agent has to do more work. And forget about getting “a deal” if you are unrepresented. A strong listing agent won’t let unrepresented buyers negotiate their commission which has already been set by a separate agreement with the seller.
• The best offers aren’t always the offers with the highest price (this is one of many reasons why you need a buyer’s agent). Option money is common in other states but not in Georgia.
• A seller may call for “highest and best” offers. Like with escalation clauses, making an educated decision on what to offer is hard to do without taking into consideration many factors often that are property-specific. And agents often know about obscure off-MLS sales that can influence price.
• Appraisals in highest and best scenarios can derail a deal unless you have an experienced agent who can justify the contract price to an appraiser. Only MLS sales can be considered by an appraiser.
# # #
Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.