It may have been difficult to decide to list your home in the local area for sale, but it may be even more challenging to decide who to sell your home to. Did you know that approximately 98 percent of properties listed for sale in the area recently have received multiple offers? This may sound like a seller’s dream come true at first glance, but the highest offer that you receive is not always the best one. What should you do to narrow down the options and to make a smart decision? There are four options to consider at this time.
Request a Final Offer from Multiple Parties
Your real estate agent will help you to review the offers and the credentials of the buyers as a first step. This includes looking at details like the buyer’s pre-qualification status for financing, the down payment amount, the estimated closing date and more. In the event that more than one offer is appealing, your real estate agent may request that all parties submit their final and best offer. This essentially will prevent a long and stressful bidding war. You will know exactly how much someone is willing to pay for your home, and this empowers you to make a great decision without delay.
Negotiate for a Better Offer
Is there something specific that you are opposed to about one or more of the offers? For example, contingencies related to the appraisal or the property inspection may be objectionable to some sellers in different situations. Rather than giving the buyers a blank slate with a request to submit their best offer, you can be specific about what you want through a counteroffer.
Accept One Offer
In some cases, receiving multiple offers does not need to escalate into negotiations or a bidding war. If you have received one offer that is clearly superior to the others, it may be easy to make a decision. Keep in mind that negotiating or requesting a best offer may not sit well with some buyers. The last thing that you want is for that great offer that you love to disappear because the buyer got spooked or stressed by a potential bidding war situation.
Reject All Offers
On the other hand, all of the offers that you received may be undesirable for various reasons. If you received several offers soon after listing the home, it is reasonable to think that you may receive other offers in the near future. You must respond to the offers that you received promptly, however. With this in mind, there is a chance that you may not receive another offer for a while or that the future offers may not be appealing for similar or other reasons.
In a hot real estate market, the expertise of an experienced real estate agent is critical. Elizabeth Bos has been serving the needs of homeowners and buyers in the local area for years. Her expertise, insight and exceptional negotiating skills can be invaluable to you when you are in a multiple-offer situation. To learn more about the market and to discuss your plans to list your home for sale, contact Elizabeth Bos today.