The Sign Back
To "sign back", means to make changes to the original offer by crossing out the items in question. The changes are then written in and all parties involved in the sale sign their initials next to the changes.
• If there are only a few minor items that are unacceptable and/or you are near an acceptable price, you should "sign back" the offer instead of rejecting it. The offer is then given a new expiry time usually, another twenty-four hours.
• An offer can (and often does) go back and forth between the seller and buyer several times before the deal is accepted. Use your judgement, based on local market conditions, to determine how many sign backs you are willing to tolerate.
How To Encourage And Deal With Multiple Offers!
When a desirable property is put on the market, it may be possible to attract more than one offer at once. If there is a lot of interest in your home, we suggest you do the following:
• Announce the time and date that you will accept offers.
• Inform all prospective purchasers intending to submit offers that this is a "multiple offer" situation and that they should "bring their best" offer at a stated time.
• It is important not to reveal the contents of the other offers to the individual prospective purchasers.
• If a new prospect submits a higher offer within
the twenty-four hour consideration period of a previous offer, it is courteous to give the original purchaser the opportunity to rescind the original offer and submit a new one.
• Inspect each item on the offers carefully, and choose the one that best suits your needs.
• Be courteous to those people whose offers do not make it past the first round. Inform them why you preferred that particular offer and explain the reason.
• Give all purchasers a chance to match or better your preferred offer. This should be done on the spot — do not give another time period. They should be able to agree to match or better the offer if they still wish to buy the property.
• Once you have decided on the offer you will accept, declare your decision and thank the other prospects.
A multiple offer situation is rather like an auction where bids are made and countered. It is nail-biting stuff, but very exciting if your home merits it, as you are almost assured of getting what you want.
Remember, when the purchaser signs, or signs back the offer with no alterations, the deal is made and you have sold your home!