Three Things Sellers Should Do When They Receive Multiple Offers

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Remember the days when it was hard to get a home sold? Well, gone are those days and now it’s more a matter of trying to deal with the number of offers coming in. So the first thing I suggest to do is that you collect as many offers that you can on the property. Once you have them, you will be able to decipher the better, stronger offers the ones that should be bypassed. I suggest you gather as many offers as you can in the first 3-4 days.

Another important strategy is to know and understand the value of your home before you list it. Going above the appraised value can only backfire, ending up with negotiations that could end up in the transaction falling through altogether. Unless you are dealing with a cash buyer, the chances of the property actually selling for too much higher than its appraised value are next to nothing.

Finally, before writing off any of the offers received, give each buyer an opportunity to come back with their highest and best offer. Sometimes this is the best part of the entire process in a seller-centric marketplace.

Three Tips on How Buyers Can Land a Deal In a Multiple Offer Situation

If you’ve already been out there looking and trying to find the perfect home, you already know this first tip. ACT FAST! When inventory levels are so low, buyers become conditioned to quickly decide whether or not a house is a strong contender and then they go for it. Not only is it important to see a house that comes on the market as fast as you can but also if you like it, don’t wait.

Don’t waste time with lowball offers. Now, more than ever, it is critical that you come back with your best offer. Instead of taking a chance on losing your bid it is a better option to go ahead and submit what you can really see yourself paying for the property. Oftentimes sellers have no idea to wait for other offers and they quickly accept the first offer than comes through. Depending on the nature of your offer, it’s important to provide solid footing. If you are financing, be sure to provide a strong preapproval letter with the offer. If you can, remove some of the typical contingencies, such as inspection or down payment assistance programs.

A very important thing to keep in mind is to stay within your budget. If you can put a finger on your maximum limit, when you are making an offer on a property – be sure to know what your limit is and don’t exceed it. The last thing you need is to be house poor where all your funds have gone into buying the house but then you are left with nothing else to enjoy it.
If you’d like more information on how you can come out a winner in either of these scenarios, contact me today! I’d love to help!


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