How To Deal With A Multiple Offer Situation

Post Shared by Hello Pam Evans Real Estate

When it comes to selling your home, everyone wants a rush of interested buyers so if you’re one of the fortunate ones to see this occur, it’s important to have a solid grasp of how to evaluate each offer.

While accruing an abundance of serious interest is something every homeowner wants to see when they finally make the decision to sell, navigating a multiple offer situation is not always easy. Plain and simple, receiving multiple offers means you’ve shown your home in the best possible light; however, such interest can be stressful because it may make it difficult to settle upon the most advantageous bid.

Therefore, in an effort to provide some understanding of what to look for in a multiple offer situation, consider the following tips.

IDENTIFY THE BEST BUYER FOR YOUR INTERESTS

In short, the best buyer may not be the one offering the most money. While we all like the idea of getting a bigger return on our investment, some buyers may second guess their decision or get cold feet if they submitted a high offer just to win a bidding war.

Hence, the best buyer may actually be someone who has not only seen your home multiple times, but has made a point to develop a relationship with you and your agent. Not only will they seem serious about the prospect of owning a new home, but they will most likely be working with a local agent and have been pre-approved for a loan with a local mortgage lender.

From there, make a point to solicit the advice of your real estate agent since a solid agent will be able to identify the best buyer in the bunch. Barring any unforeseen issues, you’ll want to select the buyer who will be seriously committed to working with you throughout the process and has the greatest likelihood of receiving loan approval.

UTILIZE THE TERMS OF LOWER-PRICED OFFERS

If you are in a situation where you wind up receiving multiple offers on your home, you’ll most likely find that the offers range from reasonable to extremely low. However, while it’s only natural to take offense to those smaller bids, try to remember that the more offers you receive, the easier it is to work with counter-offers.

In essence, a large number of offers will only increase your top buyer’s interest, so take advantage of the situation by leveraging the advantageous terms of those lower offers—such as quick closings or the removal of all contingencies—with your higher-priced buyers.

The goal is to get the best of each offer, so if the best buyer doesn’t put forth the highest price, counter them with another buyer’s terms. Again, this is the time that you’ll really want to heed the advice of your listing agent, because a solid sale isn’t always about the highest price.

KEEP A BACKUP ON HAND

It’s definitely frustrating to put your home back on the market when a sale falls through, especially since many buyers are wary of homes that return to the market after they’ve been under contract. Even though there may have been issues with the buyer instead of your home, future buyers may be worried that there’s something wrong with your property.

Therefore, if you have multiple offers, it’s often wise to get your second buyer to agree to a backup position. A solid agent will make a point to maintain contact with the second buyer until the first buyer has removed all of their contingencies, which should help you feel secure knowing that a backup plan is in place.

CONCLUSION

In the end, work with your agent during the listing process to see if you live in a market where it’s wise to plan for multiple offers. If you do, make a point to consider what types of terms and conditions are important to you and work towards creating a hassle-free sale with the buyer who best meets your needs.

If you want to learn more or would like the assistance of a knowledgeable Realtor in the Forsyth/North Fulton County area, please get in touch with me. I’d be happy to answer your questions.

This post was sponsored Hello Pam Evans Real Estate.