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!
