# Call for Offers and Bid Leveling Analyst Research

## Purpose

- Supports `skills/brokerage/call-for-offers-and-bid-leveling-analyst.md`
- Intended for seller-side U.S. investment sales brokers comparing offers, managing a bid date, and guiding BAFO

## U.S.-Only Assumptions

- Focus is seller-side commercial investment sales
- The asset is already launched and buyers are in the process
- The broker is comparing LOIs or purchase offers and advising the seller on next steps

## Source Table

| Source | Publisher | URL | Publish Date | Access Date | Source Type | Notes |
|--------|-----------|-----|--------------|-------------|-------------|-------|
| MLS Commercial Handbook | NAR | https://www.nar.realtor/sites/default/files/documents/2024-08-02-commercial-mls-handbook.pdf | 2024-08-02 | 2026-04-22 | Primary industry handbook | Offer presentation rights, counter-offer participation, listing-broker duties |
| 2026 Code of Ethics & Standards of Practice | NAR | https://www.nar.realtor/about-nar/governing-documents/code-of-ethics/2026-code-of-ethics-standards-of-practice#article12 | 2026 | 2026-04-22 | Primary industry standard | Professional conduct baseline |
| Commercial Real Estate Disposition: A Complete Guide | Trinity Real Estate | https://trinityre.com/cre-disposition-management-services/ | n.d. | 2026-04-22 | Practitioner process guide | Buyer qualification and finalist selection |
| The Strategic Sale: A Guide to Maximizing Value in Commercial Real Estate Disposition | One West Group | https://theonewestgroup.com/the-strategic-sale-a-guide-to-maximizing-value-in-commercial-real-estate-disposition/ | n.d. | 2026-04-22 | Practitioner process guide | Call-for-offers, urgency, BAFO, diligence transition |
| Building Sale Process | Kidder Mathews | https://kidder.com/wp-content/uploads/page/Building-Sale-Process.pdf | n.d. | 2026-04-22 | Market-participant process guide | Offer review and finalist sequencing |
| What Is a Call for Offers in CRE? | PropRise | https://www.proprise.ai/primer/glossary/call-for-offers | n.d. | 2026-04-22 | Practitioner process explainer | Process sequence and buyer expectations |
| What Is Best and Final in Commercial Real Estate? | PropRise | https://www.proprise.ai/primer/glossary/best-and-final/ | n.d. | 2026-04-22 | Practitioner process explainer | BAFO dynamics and seller leverage |
| How Offers Are Chosen | Beau Beery | https://www.beaubeery.com/multifamily-market/blog/133-how-offers-are-chosen | n.d. | 2026-04-22 | Practitioner commentary | Offer selection beyond headline price |
| How to Sell For Maximum Value | Beau Beery PDF | https://www.beaubeery.com/images/docs/Why_Hire_Beau.pdf | n.d. | 2026-04-22 | Practitioner process guide | Best-and-final timing and deal-room readiness |
| How Long Does It Take to Sell a Commercial Building? | Lornell Real Estate | https://www.lornellre.com/insights/how-long-does-it-take-to-sell-a-commercial-building | n.d. | 2026-04-22 | Practitioner process guide | Offer, LOI, diligence, and close timing assumptions |

## Key Findings

- Offer comparison must go beyond price. Seller-side brokers should normalize:
  - price
  - earnest money
  - hard money timing
  - diligence length
  - financing risk
  - closing timing
  - PSA markup expectations
  - buyer credibility and retrade risk
- A call-for-offers process works best when:
  - the OM and data room are sufficiently complete
  - buyers understand the timeline
  - the broker controls the Q&A flow
  - the seller is aligned on decision criteria before offers arrive
- BAFO should be used deliberately, not automatically. It is most useful when there are multiple credible bidders with materially different combinations of price and certainty.

## Benchmark and Process Decisions

- The skill should output an offer matrix, not only prose commentary.
- Required comparison fields:
  - purchase price
  - deposit amount
  - hard deposit timing
  - diligence period
  - financing contingency status
  - closing timing
  - requested credits / carveouts
  - assignment rights
  - proof of funds / lender evidence
  - buyer track record and process confidence
- The skill should allow the seller recommendation to land on:
  - accept and move to PSA
  - level top bidders
  - run BAFO
  - keep one backup in play

## Conflicting Source Resolution

- Broker-authored process guides vary on how formal the BAFO stage should be. The skill should not assume BAFO is mandatory; it should use it where seller leverage and bid quality justify it.
- MLS handbook rules matter for offer presentation duties and broker rights more than practitioner blog conventions.
- Buyer-facing glossaries are useful for clarifying how the market expects the process to work but are secondary to listing-broker obligations and seller goals.

## Edge Cases and Red Flags

- Highest price comes from the least credible buyer
- Buyer offers high price but weak deposit, long diligence, or thin financing support
- Seller wants confidentiality among offers but also wants broad leveling feedback
- Broker begins negotiating substantive legal points without counsel input

## Open Questions

- Whether future versions should include specialized auction vs negotiated-process handling
- Whether later releases should add exchange-buyer or portfolio-bid comparison logic
- Whether a separate "backup bidder management" skill should exist later
