Selling your home is a lengthy process that requires a lot of knowledge and good business sense to complete successfully. While there are a number of aspects associated with selling a home that many homeowners may be aware of, one of the most difficult to plan for is how to handle a situation in which the seller receives multiple offers on their home.
If handled properly, these offers can create a very profitable end result for sellers. Here’s a look at a few tips that will help you when handling multiple offers on your home.
How to Approach Multiple Offers
In many ways, receiving multiple offers on your home can be an exciting prospect. For starters, it implies that your property is doing well enough to attract multiple potential buyers. However, it can also create a problem wherein you are unsure of how to proceed.
The first thing that you need to understand is that there are no actual rules for multiple offers. If you would like to accept the higher bid straight away, then there is nothing stopping you.
Despite this, the best way to handle this situation is by informing each of the bidders of the current situation and ask each of them to present you with their highest offers, wherein you will place a deadline that they will need to comply with. The advantage to this is that if you keep attempting to play the field for too long, it’s possible that prospective buyers may withdraw their offers.
There are two basics that you need to keep in mind when contemplating negotiating strategies. The first is making the most money and the second is getting the best terms. It’s typically unwise to take one without the other.
While getting the most money for your property would seem like the easiest solution, the terms you receive with the offer are equally important. Although a buyer will typically want the lowest price and best terms possible, there is a happy middle ground on both that the seller and buyer can come to an agreement on.
While the most common strategy is to counter all offers in an attempt to receive a higher one, it’s also possible to counter one offer and set the others aside until the time that you receive said offer, as well as countering one offer and rejecting all of the others.
While the parties involved could become disinterested and withdraw their offers, it’s a risk that oftentimes pays off. Lastly, above all, it’s extremely important to be honest and fair with all parties involved.
Listen to Agent’s Advice
Having a listing agent aboard can be advantageous for a number of reasons, as they can offer fantastic advice during the entire process and are devoted to getting the best deal for the seller. As they have had a lot of experience with selling a home in the past, it’s important that sellers don’t ignore and circumvent their advice.