Receiving multiple offers is a very exciting experience for sellers, but choosing between them isn’t always easy. Thankfully, these five tips can make picking the right offer a little easier:
1. Stay organized. When you’ve got several offers on the table, it can be difficult to keep them all straight. This is why our team creates a spreadsheet for our sellers that shows each offer side by side. This makes comparing terms and conditions much less of a hassle.
2. Create a sense of urgency. With multiple buyers interested in your home, it’s important that they understand the level of competition they’re up against. If they know what a hot commodity your home is, they’ll be more likely to put their best foot forward when making an offer. Also, it’s important that each of these offers comes along with a bank letter or proof of funds letter.
3. Gather information about the buyers. To give you greater leverage, our team will speak to the agents representing each buyer to find out why they’re moving, why they’re interested in your home, and if there is anything about their circumstances that could jeopardize their ability to close.
4. Speak with the lenders. Once we’ve narrowed down the offers to a few top contenders, we’ll get in touch with those buyers’ lenders to learn more about how qualified they are.
5. Select backup offers. After you finally choose the offer you’d like to accept, you should also consider selecting a few backup offers in case something goes wrong with your first choice. In some circumstances, though, it may be best to simply re-list your home and create another multiple-offer situation, instead. This won’t be necessary unless your deal falls through, however—and this is fairly unlikely
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.