Receiving multiple offers for “Homes for sale“ is still happening all around the country, although this trend may be slowing down in some states. Multiple offers are usual when real estate markets substantially favor home sellers. In rare situations, it can even be odd to not have multiple offers.
Nowadays, it’s much more likely to want to learn how to handle multiple offers on a home. In a hot market, it’s typical to receive multiple offers while selling a home. When the market is particularly hot, offers can occasionally become quite competitive, with rising bids.
In order to spark a bidding war, sellers occasionally list their homes for less money than they are actually worth. If you start receiving multiple offers on your house, you will need to pick the one that works best for your specific situation.
What Are Multiple Offers On A Home?
Multiple offers on a home happen when two or more buyers submit offers for the same house. The offers can be either accepted or rejected, depending on the situation of each home seller and buyer involved.
Over recent years, house prices have risen much faster than incomes, so owning a home gets progressively more unaffordable. Many buyers who find themselves unable to buy a house are still desperate to do so. Therefore, they are willing to offer above and beyond the asking price in order to secure the property.
Is It Good To Have Multiple Offers On A Home?
Some sellers are very happy to get multiple offers. They believe that by getting several offers in the queue, they can secure the property for less money than what it is actually worth. Whether or not this is true depends entirely on how valuable the house is and how hard a seller really wants to sell it.
What Do I Do If I Get Multiple Offers?
You need to decide which offer you want to take, so you can choose which one best fits your personal circumstances.
Here are a few tips to handle multiple offers on a home –
1. Hire A Real Estate Broker
The good thing to do is to hire a real estate broker to help you sell your home. The agent will assist you in developing a marketing plan, negotiating with your current listing agent, and making sure that you are informed of every move in the process.
When you’re negotiating multiple offers on a home, your real estate broker can serve as your guide. They can help you decide what is best for your particular circumstance because they are aware of what works and what doesn’t in the marketplace. Of course, real estate brokers are skilled at managing a situation with many offers, which you might not be.
2. Plan and Strategize Your Market Positioning
Don’t let the terms frighten you; what we’re really talking about is making sure your home is well-presented to attract the best buyers. An experienced real estate broker will be able to arrange your home on the market to appeal to the kind of buyer who will be most interested in it. That means, showcasing your property on various social media channels with the right photographs, videos, and descriptions. The offers will start coming in once you have a plan, have prepared your home, and your real estate broker has posted the marketing materials online.
3. Pick One Offer
When you get more than two offers, it’s possible to choose from the offered options and choose the one that is best for you. You can pick one offer from each party, especially if you are selling your home at an affordable price. However, you can reject offers if any of these does not completely match your needs.
4. Give Your Offer Time To Work
If it looks like an awesome offer is about to come up short, then you can consider delaying your decision for a week or two in order to give the buyer time to come up with the extra cash to make the deal go through.
Your home listing should remain active for at least 30 days before you make a decision. This will give the buyers enough time to come up with extra money to make the deal happen.
5. List Your Home For Less
There are cases where sellers deliberately list their homes for less money than they really want, in order to have several offers and make the decision process easier. In some situations, the seller ends up having much more money than he had initially hoped for. What is true though is that all offers are taken seriously, and all must be considered equally important. However, to list a home for less than what you want knowingly is often frowned upon.
6. Get A Contract For It!!
Once you have received all of your offers, you must decide which one to accept. Don’t overdo it, take the help of your real estate broker to analyze the circumstance, then you can identify the best one.
Also, let your real estate broker inform other agents or interested buyers that their offers aren’t successful. It helps in both ways, helps maintain polite behavior in handling others as well as lets your buyer know that you are agreeing to their terms. Also, you can avoid further negotiations in this way.
There you have it, then! The top 6 simple tips for handling multiple offers and selling your home for the highest price.
In A Nutshell:
How many or whatever the option you have, at the end of the day there is only one best offer out of multiple offers! Choose wisely and take the assistance of your real estate broker to finalize the best offer to make the most money for your home.
Want to hire a real estate broker, get in touch with us to hire a professional to handle multiple offers on a home.
Also, please don’t hesitate to get in touch with us if you have any questions or if you’re just beginning to consider selling your home in the Washington area including Bellevue, Kirkland, Redmond, Monroe, and surrounding areas.
Comments (0)