Coni Gets it Sold!!
As a Listing Agent my job is to mediate between the buyer and the seller and work in the sellers best interest.
I like to think of myself as a "Coach" and I like to give the seller the benefit of my experience.
When working in the sellers best interest I have a duty to submit all offers to them whether they are in writing or verbal. If I get a verbal offer I try to get the buyers agent to get it to me in writing asap. If I have more than 1 offer I will inform the seller that we have more than 1 offer and we will give the buyer a deadline to give us the highest and best offers.
The reason you want to give the buyers a 2nd chance is because if the initial offer came in when you didn't have any offers then the buyer will probably test the waters to see how low the seller will go. It is up to the seller if they want to accept the offer, counter the offer, or reject the offer. I highly recommend that the seller counter on any offer especially in a depressed market.
If the seller is reviewing a offer and other offers come in the seller should most definitely have the agent request "highest and best" from all the buyers who submitted an offer. This would be working in the best interest of the seller. Never count out a low ball offer because you never know how serious they may become if they are faced with decision of having to bid against other offers.
If you or anyone you know is thinking of selling their home please have them give me a call, I have a lot of experience at selling homes.