It’s every seller’s dream—or is it? While having multiple buyers make offers on your home has obvious benefits, it can also create situations that are tricky to navigate. Inevitably, hard-to-answer questions will arise. With several home hunters involved, what steps should you take to get the best price possible? Will trying to prompt buyers to make better offers turn them off? As a seller, how can you ensure that you treat everyone fairly? In this post, we’ll look at some of the most common ways of dealing with multiple offers in order to make a successful sale.
The strategy you choose when handling competing offers should match up with your selling goals. Here are a few of the most common actions sellers take when they’re dealing with several potential buyers.
Accept the best offer
Negotiations can be time-consuming and (in some cases) stressful. While an experienced agent will do everything in their power to ensure that the process is smooth, some buyers prefer to simply make a deal and move on. If this sounds familiar, you might want to consider accepting the most favorable offer (in terms of money or concessions) that you receive right off the bat.
Prompt better offers
Giving buyers the opportunity to increase their offers could lead to a better sale price. For this reason, you might want to consider informing all of your potential buyers of the situation—and inviting them to make you their best offers. If they’re in love with your house, chances are good that they won’t want to lose out.
Make a counter offer
Another option when there are multiple offers on the table is to negotiate directly with one buyer. You can either reject all of your other offers, or simply set them aside until the person who you’d prefer to deal with has made their decision.
To disclose or not to disclose?
What should you disclose to buyers during a multiple offer scenario? Ultimately, that’s up to you. In Illinois, agents can only give out information about the situation you’re in if you say it’s okay. In other words: you don’t have to tell anyone you’re dealing with that you’re considering other offers.
The main thing to remember is that you should aim to be fair throughout the selling process. It’s not uncommon for buyers to back out of a sale after they’ve gone through a multiple offer scenario. In many cases, it’s because they feel that they were pressured to make the deal (or offer a high sum of money).
Through honest communication and cooperation with all of the other professionals involved, your real estate agent can help ensure that all parties are treated fairly.
Trust your agent
At the end of the day, every strategy for dealing with multiple offers has its potential benefits and drawbacks. Negotiations or a request for best offers can result in a higher sale price. They can also discourage potential buyers, who may decide to consider other properties instead.
Fortunately, experienced agents have dealt with multiple offer scenarios before. They’ve seen many different outcomes, which means they’re well positioned to advise you about your options and the pros and cons involved. During the interview process, don’t be afraid to ask agents about how they’ve dealt with multiple offers in the past. The answer could lead to a more successful sale.
Preparing to put your home on the market? We can help you get the best possible price. Get in touch to set up a time to discuss your needs!