Your house is hot!
How to handle multiple offers when selling your home
Living in a heated housing market, selling your home could easily have you seeing more than one offer. It can be an exciting time, but it can also be overwhelming and stressful.
When deciding on the best offer for your home, evaluate the offers fairly and consider advice from your experienced real estate agent. The following strategies will help you successfully handle multiple offers on your home and sign the best contract.
Five things to consider when dealing with multiple offers on your home
Don’t focus on price
The offer with the highest price will get your attention—especially if it’s close to or above your asking price. But, don’t jump for joy and hand over the keys to the highest bidder. They may be stretching their finances and not approved for a big enough mortgage to purchase at the offered price.
To avoid issues at closing, considering the dollar amount along with the terms of the entire contract. Look closely at the amount of the down payment, the type of loan, and buyers who are willing to waive contingencies and work with your terms and conditions.
Don’t take advantage
During the negotiation period, don’t be stubborn or misleading. Disclose the same amount of information to all of the buyers, and give them all the same deadlines.
It’s important to play fair and negotiate smartly. Buyers can easily walk away if you are difficult and keep changing your mind.
Know what you want
Decide where you are willing to be flexible and where you won’t budge. When facing plenty of negotiation, it’s important to know where you stand on certain terms before you get started with the process of selling.
Look at the extras
When looking at several offers with similar pricing and contingency terms, deal sweeteners can make one buyer stand out from the others. Such extras could have one buyer offering to outbid another, or another buyer willing to pay a portion of the closing costs. Decide which extra works best for you, and take it under consideration when reviewing all parts of the offer.
Review closing dates
A buyer willing to close within weeks, rather than months, is far more attractive than one in no hurry at all. Review offers with similar closing dates, and consider the date that works with when you need, and want, to move.
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As you can see, handing multiple offers requires a little finesse and strategic thinking on your part to help you make the right choice for your situation. Working with a Realtor will have you smoothly navigating the intricacies of the selling process, and help alleviate any unnecessary headaches that may develop when the offers start appearing.
I am more than happy to offer solid advice gained from years of helping my clients buy and sell homes in the Comox Valley.
You can reach me directly at 250-792-0464, or through my office at 250-334-3124