What should you do when you get multiple offers on your property?
If you have a great home that’s been priced, staged, and marketed properly, you may find yourself with multiple offers. That can be scary for people because they’re not exactly sure what to do.
Just yesterday, a condo came on the market in Princeville that was priced very well. I called the agent to take a buyer up there, and they said they had 15 showings already. I’m sure that seller will receive multiple cash offers today. That does happen in our marketplace when homes are priced correctly.
If you receive multiple offers on your home, you have three options.
First, if you get one offer that is superior to others, you can go ahead and accept the best offer. If one offer gets you the best price and the terms you want or if you’re not sure the other buyers are qualified, you may be better off accepting the best one.
You can also counter the offer that you think is best or counter all of the offers. Let’s say that you get three offers and decide to counter all of them. In the counter, you have to have language that explains and contractually says if you receive multiple counteroffers back, you reserve the right to pick one of those offers.
Finally, you can pull a Pat Benatar and tell the buyers, “Hit me with your best shot.” In this scenario, ask each agent to have their buyers bring in their highest, best, and final offer. From there, you choose which offer you want to go with. Asking for their highest and best can get you a price above and beyond what you expected. However, some buyers may respond emotionally. They won’t want to get in a bidding war, and they may pull their offer off the table.
Choose which option is best for you to get your home sold for top dollar. As your real estate agent, I can guide you through this process.
If you have any other questions about multiple offers or selling your home, just give me a call or send me an email. I would be happy to help you!