Here’s how to handle multiple offers: Begin by letting each Buyer know that you are about to receive more than one offer. Next, set a deadline and ask each Buyer to submit their highest and best offer to you in writing. Make sure each Buyer is aware of the deadline date and ask each Buyer to include a copy of their mortgage pre-qualification letter. After the deadline, review all offers and determine which offer is best for you.
About the author: The above Real Estate information on the how to deal with multiple offers and bidding wars on your home was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 30+ Years.
· With no experience and a complex, emotional transaction on your hands, it’s easy for first-time home sellers to make lots of mistakes, but with a little know-how, you can avoid many of these.
Similarly, buyer-representatives should keep listing brokers informed about the status of counter-offers their seller-clients have made. Finally, buyers and sellers need to appreciate that in multiple offer situations only one offer will result in a sale, and the other buyers will often be disappointed their offers were not accepted.
· Feel free to reject unrealistically low offers out of hand; more often than not, the same buyer will come back with something more in line. The same goes for highly leveraged offers (when the buyer’s down payment is far lower than the 20% standard) or seller-unfriendly offers (for instance, the buyer asks for a ton of seller-paid closing costs).
Getting multiple offers when you sell your home can be exciting. But by considering all parts of the offers, including price, contingencies and ability to close, you can successfully handle multiple offers on your house and sign the best contract.
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