As a seller, there is a way to be smart about handling a multiple offer situation. So, today I want to share how to handle multiple offers when selling your property.

When you start the process of selling your home, you have to shift your perception to “this is business.” You are selling a product in a large real estate market that will dictate many of your decisions.

You can choose to ignore the market. However, this can be risky and result in regret when you price your home too high and end up selling it for far less. Your home’s time; on the market affects its value, the longer it is listed, the less valuable it because people think that there is something wrong with the home.

“If you are dreaming of a quick sale, listen to your Realtor regarding your home’s market value and how to price it.”

Buyers will avoid making offers on overpriced listings because they do not want to offend the sellers, which leaves your home sitting on the market. It goes against human nature to offer substantially less than the asking price to a seller. People feel as if it insults the seller and it is embarrassing for the buyer. Buyers earnestly believe that the seller knows it is overpriced and that they will accept a lower offer. They also believe that sellers have turned down lowball offers and that someone has, in fact, offered a reasonable price.

So, how can you create multiple offer situations for your home and choose the right offer? Now, we are talking the business. If you are dreaming of a quick sale, listen to your Realtor regarding your home’s market value and how to price it. You are more likely to attract multiple offers for your home if you price it correctly from the beginning.

A lower asking price can result in buyers being willing to pay more, but the buyers want it to be their decision based on the other bids. Most buyers will run away from bidding wars if they think that you are already overpricing the property.

Once you have the multiple offers, now it is your decision time. All offers are not equal. Even though someone may offer more money, that does not mean their offer is better because other factors should play into your decision.  Which loan type each buyer has and whether any of them have to sell their current home before buying a new one are also factors that determine which offer is best. There are many aspects of a contract that can be either good or bad, and you have to dive through all of them to make sure you are selecting the right offer.

If you have any other questions about multiple offer situations or about buying or selling, please feel free to contact me. I look forward to speaking with you soon.