Michael Moore’s most recent vacation home just hit the market. For those of you who haven’t heard the name in a while, Michael Moore is most commonly known for his outspoken opinions and the filmmaking of Roger & Me, Bowling for Columbine and Fahrenheit 9/11.
Following the divorce of his wife, Kathleen Glynn, the ex-duo finally got through the legal proceedings and listed the property at $5.2 million. The vast size of this home gave it the name “Michigan Mansion.”
The glorious structure sits along the perimeter of the Torch Lake in northwestern Michigan. The body of this mansion encompasses 11,058-square-feet, and features rustic timber ceilings, a massive stone fireplace, a gym, a guest cottage and a dock.
If buyer demand has outstripped the supply of houses in your neighborhood, then you might just find yourself in the enviable position of beating buyers back with a stick. But having multiple offers on your property also comes with some stress you may not expect. Which offer should you accept, and how do you even start evaluating them?
Here are some tips for how to proceed.
The highest offer isn’t always best. Occasionally, you run into buyers who will bid way over asking price just to keep the seller from accepting another offer too quickly. Of course, they usually don’t plan to pay that much for your property. They may back out after giving your house a closer look-over, or try to haggle the price down after the inspection comes back.
If one of your offers is significantly higher than the others, keep in mind that it may be too good to be true.
Use multiple offers to your advantage. Having more than one offer puts you in a great position. Just communicating your situation to your potential buyers (through your agents, of course), can increase interest in those who bid on the higher end and lead less serious offers to drop off, all with minimal effort on your part.
Remember that there are plenty of reasons an offer might fall through. Even if an offer seems perfect, there’s no guarantee that it will go through. It’s not uncommon for buyers to back out if the appraisal comes back too low, since they may not be able to get the financing they need from a lender. They may even back out for reasons that have nothing to do with money.
Before you accept an offer, do your due diligence. Make sure your buyers have been pre-approved by a lender, so you know that their credit and work history check out.
Know what a good buyer looks like. Determining the most interested buyer—and the thus one most likely to pay the asking price and make it to the closing table—is always important. An ideal buyer will have viewed your home multiple times and have expressed their interest to either you or your agent, and their offer won’t be significantly under your asking price.
Long after the heyday of Michael Jordan, Chicago Bulls superstars are still treated like royalty in the Windy City. Latest proof: Bulls’ elite guard Jimmy Butler, who just purchased this stylish townhouse in city’s hot River North area for $4.3 million.
Butler has become an impact player with the Bulls ever since being drafted from Marquette University in 2011. Last year, he was selected for the NBA All-Star team and named the league’s most improved player.
Butler comes a long way from his teenage years, some of which he spent homeless in his native Texas. He signed a five-year, $95 million contract with the Bulls in July, according to Crain’s Chicago Business, which also broke the story of his townhouse deal.
Butler’s new place, built in 2008, has 10,000 square feet of living space over four floors, three outdoor terraces, an elevator, and a 750-bottle wine cellar.
The home was listed for $4.6 million on Sept. 8, and the sale closed Sept. 15. The seller, reports Crain’s, was Greg Mutz, CEO of apartment development company AMLI Residential. Mutz had paid roughly $3.4 million for the home when it was built in 2008, Crain’s says. Randy McGhee was the listing agent for the property.