Multiple Offer Market!

How To Handle Multiple Offers!

Let's face it, getting multiple offers is definitely not the worst case scenario if you're trying to sell your house.   Now that the offers are there, what do you do?  First, keep in mind that for properties with a single offer, the fallout is 10%, but for properties with two or more offers, the fallout rate increases to 50%.  The reason for the difference is buyers often feel they were unduly pressured by the multiple-offer situation and now feel it's too much to pay.  Here are some tips on how to handle a multiple offer situation.

Listen to your agent.  You hired them because you believed in them and trusted them with selling your home.  Trust them now.  Your agent wants you to get the best deal and still be fair and ethical, so take their advice.  You will be glad you did.

Price isn't everything.  Make sure you review the terms of the entire contract and don't just see dollar signs.  The highest offer, although tempting, isn't always the best offer. Are the buyers pre-approved for that amount? What kind of loan is it? Are you going to have to pay closing costs or other costs associated with the buyer's loan?  Sometimes a lower more stable offer will save you a lot of headache at the closing table.

What is your home really worth?  If the buyer you choose orders an appraisal and that appraisal comes back less than the offer price, the buyers' lender may not approve the mortgage.  Unless that buyer is willing to come to the table with cash, you may be stuck putting your home back on the market.

Review closing periods.  A buyer who's willing to close within weeks is more attractive than one who needs or wants months to do the deal.  It is also less likely they will back out of the contract. 

 

It's the sellers' house and it's the sellers' decision.   You decide which offer you want to accept or if you want to counter all the offers.  Remain sensible and be fair.

If you are selling your home in today's market, there is a good chance you will get multiple offers and it can be overwhelming.  It's not a race. Take your time, read the contracts and listen to your agent's advice.  If you follow these tips, you will pick the best offer and run less of a chance of having to sell your house twice.  Good luck!

Cynthia Schmier, Broker/Owner
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX Country
Cynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com