What Sellers Need To Consider When Receiving Multiple Offers

5 Ways To Manage Multiple Offers

1. Don’t Make It A Race
Give the buyers time to consider your counteroffer and to reconvene at a later date. Trying to make people turn their offers in quickly can result in you taking the fastest offer and potentially missing out on the best offer. It can also lead to an increased risk that the transaction won’t close.

2. Don’t Always Go For The Highest Offer
Remember there is more to offers than just money. A buyer will need to get the funding for any offer they make and the buyer may put contingencies in their offer that make it less appealing to the seller. Remember that your house will have to be appraised and the price may come out lower than what the buyer offered, causing the lender to give the buyer a lower amount.

3. Keep Offers Private
While it may be tempting to tell a potential buyer how much other buyers are offering for your property in an attempt to increase the price through bidding, it can lead to the offers falling through. If people think they are caught in a bidding war or that the property is or will be out of their price range, they will likely experience buyer’s remorse and the sale could fall apart. Instead of mentioning the price someone else has offered, you can tell the buyer to bring back their best offer and then compare.

4. Have All Negotiations In Writing
When there is a single offer, sometimes there is a verbal agreement until the two parties can meet and put that offer into writing, but when there are multiple offers on a property this becomes risky. Verbal agreements rely on trust and an understanding that a written agreement is soon to follow, but until that agreement is written down nothing is legally binding. When you’re dealing with more than one offer and you don’t get everything in writing, things can quickly change on you and leave you with lower prices or with buyers pulling out.

5. Partner With A Realtor®
When you’re fielding multiple offers it can be difficult to know what the best course of action can be and taking your time to decide can cause buyers to take their offers elsewhere. Partnering with a Realtor® gives home sellers an informed and savvy partner who can quickly decide and explain what the best steps are and how to field offers. An experienced Realtor® will know all of the tactics to ensure the best price without the risk of offers falling through.

Partner With A Calgary Realtor® To Field Offers

When selling your house in a seller’s market, make sure you’re getting the best deal possible by partnering with an experienced Calgary Realtor®. The team at Mel Star will help you with every step of the home selling process, from listing your Calgary real estate to fielding offers and helping you determine the best price for your home. Our experienced team of Calgary Realtors® will set up a marketing strategy that makes your home stand out from other real estate listings and that attracts Calgary home buyers so you get the best selection of offers. To partner with a knowledgeable and reliable Calgary Realtor®, contact the Mel Star team at 1-403-861-9944 or by filling out the online contact form.