Amid the excitement and stress of a multiple-offer situation, it’s important for you as a seller to stay clear-headed and strategic in choosing the best offer of the bunch. Here are five tips to help:
1. Stay organized. With multiple offers before you, it can be pretty difficult to keep track of who is offering what. For my part, I summarize the material components of every offer my seller receives and present each in a way that allows the client to compare them against one another.
2. Create a sense of urgency. Buyers may know that your home is highly sought after, but it doesn’t hurt to remind them. Try further incentivizing buyers to put their best foot forward by setting a specific deadline at which you’ll no longer be taking any more offers. This will encourage them to act quickly and come in with a strong offer right out of the gate.
3. Learn more about the buyers. As your real estate resource, I’m tasked with ensuring that the buyers who’ve submitted an offer on your home are capable—financially or otherwise—to see the deal through. We’ll need to find out what’s motivating their offer. Does it come with a contingency whereby they must sell their own home before they buy yours? Factors like this are important to identify because it could impact the buyer’s ability to make it all the way to closing.
“An offer you rejected today may very well end up as the winning offer when all is said and done.”
4. Speak with a loan officer. Take any and all offers you receive to a loan officer before making any decisions. The buyer’s agent may be characterizing their client in a positive, yet not entirely honest, light. After all, they do have a vested interest in their client’s success, but a loan officer will offer insight into the buyer’s financial standing in a neutral, impartial manner.
5. Identify one or two backup offers. It’s possible that your first pick fails to successfully purchase your home. In that event, you want to have a fallback, so be sure to not cut ties with your second- or third-place buyers. After an offer has been accepted, I personally work to keep my seller in the good graces of the first few runners-up and their agents. When people, personalities, and finances are involved, there’s always a chance—however slim—that the deal could fall apart. An offer you rejected today may very well end up as the winning offer when all is said and done.
If you have any other questions or would like more information about dealing with multiple offers, feel free to give me a call at 513-673-8579 or send me an email at Dan@DanSellsCincy.com. I look forward to hearing from you!