Was Seller Using 4 Offers to Maximize Price?

When are four competitive offers on a Fort Lauderdale residential property not good enough to land the sale? When the seller is trying to use the offers to secure finance – at the peril of all the offers.

In a recent edition of Tuesdays With Gary, we discussed the importance of weighing competitive offers openly, honestly and with intent of selling.

I recently had a listing that lured four offers in the first 15 days. The seller, however, wasn’t willing to sign any offer. Seeing as all the offers were in the price range, I couldn’t help but think, “Sellers do the strangest things.”

There was more to the story. Unbeknownst to me, the seller was using the listing agreement as collateral for a personal loan. That red flag made me realize that there were multiple offers that likely would not go to executed agreements.

What’s become clear is that these are unprecedented times. We’re living in a seller’s market, which is driving some to operate from a unique set of emotions. Those who have been here before might say the value behind these transactions are driving people to live from a position of fear. And fear drives strange behavior.

Stable markets thrive amid orderly conditions. Today’s white-hot residential real estate market across greater Fort Lauderdale is bringing its own form of chaos borne from fear. And fear drives strange behavior. We need orderly direction, or there’s no direction at all.

Gary Lanham is team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office. To learn more, visit instagram.com/garylanhamgroup or call 954-695- 6518