If you’re selling your home, the idea of getting multiple offers to buy might seem like an ideal scenario. However, managing multiple offers can be complicated and even stressful. Working with a real estate agent will help you figure out the best course of action, but so will understanding your options. Here are some choices you can make when presented with a multiple offer scenario:
The easiest thing to do in a multiple offer scenario is to accept the best offer on the table. This means no extra negotiation and a potentially higher sale price without adding time to your process. Accept the best offer and reject the rest immediately to make your decision.
Another option is to let all the buyers know there are multiple offers in play. Disclosing multiple offers to everyone involved means buyers can counter with a better offer. If they are not interested in upping their price or adding better terms, they can walk away from the sale and leave the others for you to negotiate with.
If you receive one offer that’s better than the rest, you can disclose it to the other potential buyers. This gives them the chance to either match or surpass the best offer. This might cause some buyers to walk away and others to increase their offer.
Sometimes there can be one offer that’s more promising than the rest. Even if it’s a top choice, you can counter the offer while letting the other potential buyers wait or a decision. You might get better contract terms or a better price from the “favorite” offer. If not, you know you still have backup options as long as you don’t reject them right away.
Juggling multiple offers can be stressful or exciting depending on the situation. No matter what, it’s a good idea to go over the options with a real estate professional for help in negotiating the best potential outcome.
Nicki has a passion for building relationships and fostering community engagement, honored and enthusiastic about joining the MMFRE team. An Oakland County native, she, along with her three children, make Clarkston their home. Having an in-depth knowledge of the area and all the lakes have to offer, her insightfulness equates to rewards to all that are purchasing (and/or) selling their most valuable asset.
Armed with a Michigan State University (MSU) degree as well as 10 years of business experience in advertising and marketing, Nicki's "silver lining" shines through when it comes to showcasing properties for the "highest" and "best" results in this fast-paced, competitive industry.
She's "people person" at heart and enthusiastic about delivering results, you're sure to get to a successful finish line as my resourceful package of approachability, talent, resourcefulness, creativity, cheery attitude and honest hard work is yours for the asking.
