Good News! Youve received multiple offers for your home. How will you choose the one that is best for you? The following tips will help you manage the process.
When faced with multiple competing offers, you have many decisions to make:
1. Do you disclose to other buyers that multiple offers exist?
Or keep that information to yourself?
2. Do you accept the highest offer right away?
Or do you counter-offer a single buyer and reject the others or put the aside awaiting a decision on your counter offer?
3. Understand that communication is essential in these negotiations. Timely response to potential buyers keeps negotiations moving in a positive and forward direction. Take time to acknowledge all offers even those you reject.
4. Every offer has an expiration date. Be aware of it and consider extending it when making a counter-offer.
5. Make a chart. When I am working with someone selling a house and we are looking at multiple offers it helps to have all the offers laid out in front of us. The chart will include not just the amount being offered, but also whether or not there are any contingencies or clauses added, how the money is being offered (cash or mortgage), what inspections are being asked for, the settlement date requested, any additional requests, or deadlines. Being able to compare all of these factors side by side helps give a clear idea of what each offer is offering and allows you as the seller to make a decision with all the facts considered.
6. Talk to your REALTOR. This is the most important thing you can do. They cannot make the decisions for you, but they can help identify the pros and cons of each choice to help you better make your decision. They may have a chart already made that you can fill out, or other resources available to help you decide. Keep in mind that REALTORS may give you advice based on previous experiences, but this is not a guarantee that your situation or this transaction will be the same. Ultimately every decision is yours and your REALTOR is just here to help guide.
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