Working with Multiple Home Offers
Getting multiple home offers can seem like a seller’s dream. However, this can be very stressful for a seller as they will want to make sure that they choose the right offer. Here are three ways to help you, as a home seller with multiple home offers, make this choice.
Choosing the Best Buyer
The best buyer is not always going to be the one who offers you the most money because they could still get cold feet and back out in the end. The best buyer is the one who has seen your home multiple times, they have been in the market for a home for some time, and have made offers on other homes. This buyer knows what they want, have done their research, and have gone through the process of looking for homes. Your agent can help you identify this buyer who is pre-approved for a mortgage and have everything in line to allow for a quick closing.
Using the Terms Against One Another
When you get multiple home offers you have an opportunity to go back to the buyers and help leverage the offers against each other, which will help you get the offer which is right for you. If you tell the highest bidder that someone is willing to close in two weeks, they may move up their closing time. If a lower offer has other positives you can always counter their offer in hopes they will raise their offering price.
Back-Up Plan
It is important that you keep the contact information of the other buyers who may have made offers. You can do everything right and someone may not be able to close on the home or may back out at last minute with the result of placing you back at square one, having to put your home back on the market. This can be difficult as you may not be able to list the home for the same price because people may now think that something is wrong with your home. If you keep the contact information of the second offer you can contact them and see if they are still interested in purchasing the home. You will want to talk about this with the buyer before hand to make them aware.
Multiple home offers on a home can be stressful but by using the strategies above you will be able handle it like a pro. Make sure to prepare for the process by knowing what types of conditions you are looking for before listing your home to make the process smoother.