Multiple Offers 101

When selling your home, having more than one offer to consider is a great position to be in. However, there are some rules of thumb for handling the sale of your property in a multiple-offer situation.

The most important is to evaluate every offer for its details – not just the price. Study all conditions and investigate thoroughly the strength of each offer. Just because the buyer has agreed to pay a certain amount for your home doesn’t necessarily mean he or she is capable of bringing about a successful closing.

Evaluate their pre-approval letter as well as the lender itself. You should be particularly suspicious of all-cash offers. Make certain that you Realtor obtains a valid proof of cash funds. What’s too good to be true, often is.

In evaluating offers, your listing agent will prove an invaluable support. He or she will do the legwork required to consider each offer and check out the buyers and buyer agents. Do ask your agent for input and opinions. However, in the final analysis, you are the decision-maker.

You’re more likely to attract multiple offers and save yourself headaches if you order your own property inspection before you put your house on the market. Feigned ignorance of the condition of your home risks an eventual lawsuit or costly work orders. If it’s bad news, you’ll have the choice of making repairs or reducing your asking price. It also means fewer complications with negotiations and closing.

Negotiations are particularly difficult in multiple offer situations – not so much for the seller, but for the buyers. Hopefully, you and your listing agent will treat offers with respect. The seller pretty much dictates the way offers are presented, and making buyers jump through hoops – especially if their offer comes in well below the others – won’t benefit anyone. Let them know there are several better offers, so if they can’t increase theirs, they can exit gracefully.

About me

I’m a Realtor in Southern Nevada. I look forward to working with you! To learn more about me, go to Linkedin.com and enter my name in the search bar. I can be reached at (702) 358-7075 and RonaldSellsVegas@gmail.com. Follow me on Twitter @ronfeir and Ronald Feir on Facebook. Please read my blogs on WordPress.com and Tumblr.com. If you still have time, explore my cyber home, boards, and pins at Pinterest.com

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One thought on “Multiple Offers 101

  1. Thanks for the good advice. I’m currently selling my aunt’s home in California and we have already received multiple offers during the “sneak peek” phase. We took the advice of our relators to hold out until they have an official viewing and it’s on the market. They expect that we will have a bidding war and we will go a bit over our asking. It’s exciting, but also confusing and stressful. This is the first time I’m selling a house.

    Like

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