Your home is on the market and you are suddenly handling multiple offers from interested buyers. While this may feel like an ideal scenario, you may not be sure where to begin. To keep it simple, consider selecting from one of three courses of action for best results.
Accept The Best Offer And Reject The Others
Determine what best offer means to you first. Typically best offer means getting the most money for your home. But some sellers need to move quickly due to personal circumstances, so their best offer may be the cash deal today without waiting on pending loan approvals or contingency sales. Once you know what you need most from your sale, narrow it down to the best offer for a quick and easy sale.
The Secret In Multiple Offers
You can ask your buyers to present their final offer upfront, also called highest and best offer. This method of cutting to the chase is an assertive way to weed out buyers who may be on the fence or not quite serious about their offer. Buyers would have to present a purchase agreement with a highest offer addendum, which allows for an increase in purchase price not to exceed a certain dollar amount of the next competing offer. The other buyers would not know any details of the other offers being put forth.
Counter The Best Offer And Reject The Rest
If one offer is the clear favorite, you might simply want to counter that offer to see if you can get the terms you want. While other potential buyers are waiting, you may choose to negotiate with your top candidate and then decide to reintroduce other buyers back into the equation if your first option falls through.
Talk with your Mel Foster Co. REATLOR®, they can help you navigate this decision.