Real Estate News Real Estate News

Summary Of Multiple Offers Will Also Be Useful

Written By: Bob Hunt
Saturday, February 18, 2017

Last weeks column discussed Californias new Summary of Offer form that was designed for listing agents to present to their clients who were likely to be a bit overwhelmed by the standard eight-page offer to purchase. Judging by the emails I received, California is certainly not the only state where such a form would be a useful tool for listing agents and their clients.

If a single offer to purchase can be difficult for typical sellers to digest, what happens when they receive multiple offers? "Confusion" would be one correct answer to that question. And, by all accounts, theres probably a lot of confusion at play these days, as low-inventory markets continue to generate more than a typical amount of multiple offers.

It is a good thing, then, that the Standard Forms Advisory Committee of the California Association of REALTORS CAR has also produced a Summary of Multiple Offers form C.A.R. Form SUM-MO.

The multiple-offer summary is in many respects similar to the single-offer summary. It presents in an easy-to-read table form a side-by-side comparison for up to five different offers. It covers the same eleven terms as the single-offer summary. They are: 1 purchase price, 2 initial deposit, 3 increased deposit, if any, 4 loan amount, 5 close of escrow date, 6 possession date, 7 removal date for loan contingency, 8 for appraisal contingency, and 9 for buyers inspection contingency, 10 sale of buyers property contingency, if any, and 11 whether certain items are included in the sale.

There is also a place in each offer column to identify the name and firm of the buyers agent.

Unlike the single-offer summary, the multiple offer comparison is generated enti>

A listing agent who uses the multiple-offer summary will still need to address some items that, as with the single-offer summary, are not covered in the form. The form does not, for example, address the question of who is to pay for HOA documents and/or transfer fees. Nor does it show if a home warranty policy is being requested.

The multiple-offer summary form provides a great and convenient start for agents to make comparisons with their clients. But for the comparisons to be complete, they will need to bring some more information to the table.

California REALTORS can access the Summary of Multiple Offers on Zipforms. Anyone from another state is welcome to contact me for a pdf. sample.

Bob Hunt is a director of the California Association of Realtors. He is the author of Real Estate the Ethical Way. His email address is .

Copyright© 2018 Realty Times®. All Rights Reserved


Monday, March 19, 2018

Renovation Reality: Actual Cos...
So you want to redo your kitchen. Great Now you have to do is pick out your new appliances, ...

Black Stainless Steel: Is It T...
Stainless steel has ruled the appliance world for many years, with no serious contenders on ...

Copyright ©2018 - Realty Times®
All Rights Reserved.

Denver Restaurant Week 2018 is Here! Check Out Our Guide to the BEST Dining Deals!
It’s that time of year when the most celebrated restaurants in Denver invite foodies...

Happy Valentine’s Day from Turner Associates! Check Out this Romantic Valentines Food and Drink Guide to Impress the Sweetheart in Your Life!
Love is in the air! Today lovebirds across the country take time to celebrate that special...

Visit Our Mobile Site
Facebook Linkedin twitter google