Handling a real estate offer is an art. Not everyone has sharp negotiation skills and the ability to hook others on their exact demands. Thus, when you receive multiple offers when selling your home, half of your efforts to get a good price for your home become easy.
But this situation can also create a dilemma and you will be left pondering about what your next move should be to get the best from this opportunity. Here are some tips to help you when such circumstances arise:
Review all the offers
First of all, you should be gathering all the offers, compiling the necessary information about buyers and evaluating them thoroughly. The highest offer on a house is not necessarily the best selection because there are various other aspects to consider as well.
Some sellers prefer the best mortgage qualified buyer, and some only select the all-cash offer to sell their home. A few sellers also base their choice on the buyer’s ability to close the fastest. Which option appeals to you the most, will be the deciding factor of what you choose.
Since you have the leverage of multiple offers, you can negotiate around them as much as you want. Instead of just going away with the highest bid, try to influence buyers to raise the bar and sell your home at a price higher than the market average.
When buyers notice that there are numerous offers on a particular house, they tend to accept the negotiations because they know that they will lose the house if they strictly stick to their demand and someone else will buy it. Use this opportunity to your advantage and grab the best price for your home.
Accept an offer outright
If you have multiple offers that are almost similar to each other, you may select a particular one. If you don’t want to put aside extra time for evaluating each offer closing on any one of them, it won’t be a bad deal either.
But it is also necessary to give attention to the buyer. If you feel that the buyer asks for sudden last-minute renovations, then trust your instincts and select someone else as you have plenty of them in your basket.
Review the market
Reviewing the market is necessary and a good practice when your house attracts multiple offers because if you don’t review your local market, you might end up leaving the money on the table.
Once you know what the sellers have been demanding from buyers recently, you will know how you should proceed forward. If at the current time, a seller’s market is prevailing in the area with sellers having the upper hand you will be able to make the buyer agree to almost all your viable demands. But you will only get to know that once you check up on the conditions of the market.