Are there any risks with multiple offers?

As a Realtor® one of the benefits of our business is that we have continuing education classes that we must take in order to maintain our real estate license. This week I attended, “Handling Multiple Offers”, which in many locations of the Richmond area real estate market is extremely pertinent. This is certainly not the case everywhere, but in the ultra-high-demand areas such as the Fan, Museum District, near West End, and some other urban and “high walk-score” locations, it is absolutely the case.

If you are not familiar with these situations you should know that multiple offers, with extremely favorable terms and conditions for sellers, highest and best offers, escalation clauses, and all-cash deals are extremely frequent. Much of the conversation and questions in our class focused on what buyers are doing to make their contract rise above others to gain the seller’s attention. Our presenter, an attorney, was quick to point out the risks and rewards of certain transactional behaviors.

“As is” purchase agreements where the buyer is waiving their inspection rights are increasingly popular. The risk and burden it places on the purchaser is extremely high and should not be considered with a light heart. It sometimes means the difference in getting a property, but if you have lost the opportunity to ask for repairs, or the chance the void the contract, or you don’t have the funds to take care of problems on your own, it is not likely to be the best action you can take. Consider your decisions carefully and engage a licensed Realtor® to be your most trusted advocate in any real estate transaction. The savings to you could be priceless!


This article is to be featured in RTD “Ask the Expert” 4/29/18

Gary Scott’s Friday Focus to Long & Foster

Podcast with Dave Sanderson

Good Morning and Happy Friday! It is hard to believe we are already in April. I hope everyone enjoyed last week’s edition of Friday Focus. Congratulations to Villanova and Jay Wright. If you watched the game, pre-game or post-game, the word “culture” was used often to describe the key to success of the Villanova basketball team. Great teams win championships, not necessarily the great players.

Today, I want to share with you that this past Monday I participated in my first podcast with Dave Sanderson. Most of you have seen Dave speak, and I referred to his book, Moments Matter, in my Friday Focus email a few weeks ago. Dave was the last person off the plane that Capt. Sully miraculously landed safely in the Hudson. We all experience either personal and professional “breakthroughs” or defining moments. Dave also suggests that we all experience our personal and professional “plane crashes.” The breakthroughs and personal plane crashes ultimately define who we are, who we become and how we impact the lives of those we lead. In preparation for the hour-long podcast, Dave sent me a questionnaire that really triggered reflection. I thought I would share some of the questions with you to review and think about your answers.

  1. What is most important to you in your life?
  2. Was there a moment in your life that you didn’t pay attention that cost you something?
  3. As a leader in your profession, what single trait do you think helped you get to where you are today?
  4. Can you identify a “breakthrough” that helped define who you are today?
  5. Do you have any mentors in your life that impacted your life and leadership success today?
  6. What is one piece of advice you would give to a college senior that would benefit them the most as they enter the next chapter of their life?

I hope these questions stimulate your thoughts and reflection. Thank you for all you do, and how well you do it. The first quarter of 2018 is in the record books.

Have a great weekend, and make today count!

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