The dream of a seller is to receive as many offers as possible. When you receive multiple offers, it will mean you’ve both correctly priced your home and presented it to the market in its best possible light. Comparing multiple offers can be a challenge for a seller. The trend could be to focus on the price but that should not be the ultimate component for decision making. Moreover, choosing the wrong offer could turn everything into a nightmare. Here are some tips for evaluating and selecting the best offer on a home.
- Identify the best buyer and make a deal.
The best buyer is the individual(s) that visited your house severally and made themselves well known to you and your agent. The highest bidder is not necessarily the best buyer. If you select a buyer to be the best bidder, they might get cold feet after an inspection and walk away.
The best buyer should be working with a local agent, and is not new in the market, and has been pre-approved with a mortgage. A good listing agent will be quick to point out who the best buyer is.
- Use the terms of a lower-priced offer with your best buyer.
If you a couple of offers, they may run the range from bothering to lowballing you. Don’t take offense to any offer, because the offers you get, the more you have to figure out counter-offers.
If your agent can inform the buyers’ agents that they have received four more offers, it will make the top two buyers to want it more. If your price offer is low and has quick closing or offers to remove all contingencies within two weeks, use that as leverage terms with higher-priced buyers.
You should grab all the prices and terms then get the buyer that will offer the best of each. When the best buyer fails to come with the highest price, try to counter them to match the price and offer of another offer.
- Always have a backup offer
You should avoid getting back to the market at all costs. If this happens, you may not realize the same price or terms again. When a buyer sees a home back to the market again, they may think there’s something wrong with it.
If you fortunately have multiple offers, get to the second-best buyer and convince them to a backup plan. Ensure you maintain contact with them especially if they don’t agree in writing. Do this until the first buyer removes all their contingencies.
You don’t have to be surprised by multiple offers. You can plan and prepare for it by studying your market to understand better. You need to know prior the contingencies you want ahead of time. When more than one party are interested, you have increasing chances to make perfect terms and conditions for a successful sale.