Receiving more than one offer on your home is exciting, but it can also be overwhelming. When you have multiple offers on your home, following these five steps will help you make the right choice:
1. Stay organized. With multiple offers on your plate, it can be extremely difficult to remember all the details of all the different offers. Our team creates spreadsheets for our clients that allow you to compare things such as price and terms side by side to line up the best option for you.
2. Create a sense of urgency. Buyers probably already know that your house is a hot commodity, but it doesn’t hurt to remind them. To incentivize our buyers to put their best foot forward, our team likes to set a deadline by which buyers must submit their highest and best offer. The sense of urgency that this creates will ensure that you receive the best deal for your home.
3. Gather information about your buyers. One of our jobs is to determine whether the buyers who have made an offer on your home are capable of closing on the deal. It’s important for us to find out what the buyer’s motivation is, whether they have a home to sell before they buy, or if there are any other factors at play that could impact their ability to close. We have a very specific process that helps make sure our sellers are taking the best offers.
4. Speak with the loan officer behind any offer. The agent working on behalf of each buyer may not be the most reliable source when it comes to how to characterize their client. A loan officer, on the other hand, is more than likely happy to offer insight into the buyer’s financial standing from an unbiased perspective.
5. Select one or two backup offers. After you choose the best offer, don’t cut ties with all of the other interested buyers. Instead, keep the buyers with the second- and third-best offers in your good graces in case something happens and the deal with the first buyer doesn’t work out.
If you have any questions for me or would like more information about how we deal with multiple offers, don’t hesitate to give us a call or send us an email today. We would love to hear from you.