7 Tips for Handling Multiple Offers on Your Home

 

Considering how hot the current market is, you are expected to receive more than one offer on the house you are selling. And while having multiple people fight over your property indeed is nice, the bidding wars bring forth another question. How to choose which person to sell to? To help you get your answer, we've compiled a list of 7 tips for handling multiple offers on your home. By the end of it, you should know whom to hand over the keys to get the most out of the sale.

Handling Multiple Offers on Your Home Like an Absolute Pro

Let's not kid ourselves; deciding on the buyer to go with isn't going to be simple. However, with our guidance, you should be able to make an informed decision in a somewhat easier way, and thus, prevent yourself from making one of the rookie selling mistakes.

#1 Figure Out Your Priorities

For most of us, selling for top dollar is the goal. However, let's not be hasty. As no offer will be the same, it might be worth it to pay a second look at all details of these offers. Reviewing them will further help you figure out what your priorities are.

You might have gotten a particularly high offer from a buyer who hasn't yet had their finances fully figured out. Would you be willing to wait for them to secure the mortgage? Or, do you believe you would be better off settling for less if it means you'll get the house sold faster? Unfortunately, nobody can answer these questions but you, which essentially suggests you'll have some thinking to do.

 
While money is, in most cases, the deciding factor as far as handling multiple offers on your home goes, it isn't the sole thing to consider.
 

#2 Choose the Best Realtor Possible

The importance of negotiation while selling is exceptionally high! Lucky for you, it's within the realtors' job description to negotiate. That means that, should you wish to make the best out of your sale, you'll first need to hire the best realtor possible. Ideally, you want to get someone with experience in dealing with multiple offers. They need to be willing to fight for you and keep a line of communication open at all times. At the end of the day, if the real estate agent isn't capable enough, they could end up causing a loss instead of generating a profit for you.

 
As negotiation are a natural part of the selling process, you'll need a professional negotiator to guide you through it - or rather, an experienced realtor.
 

#3 Present Your Home in the Best Way

The more people are interested in the property, the better, despite you being unsure of the proper ways of handling multiple offers on your home. Before even listing the place, though, it's recommended that you improve it, or rather, make changes with the best ROI. These are bound to increase interest among potential buyers, plus they will further increase the price of your home. Thanks to certain features, you might as well get a particularly attractive offer that you absolutely can't refuse!

#4 Don’t Be Rash

Once you begin receiving offers, instead of accepting the first one you get, take your time - and pick. It's not unheard of for the buyer to present their offer as their final one and even give you a limited time to accept it before allegedly moving onto the next property. In a high number of cases, this is nothing but a strategy to get you to accept something that, perhaps, you shouldn't. If you aren't entirely satisfied with the offer given, go ahead and call their bluff. The worst thing that can happen is for them to move on and for you to lose a buyer that wasn't even worthy of your home to begin with.

On the other side, a genuinely interested buyer is one you'll be able to negotiate with. However, a piece of advice: don't let them be the boss of negotiations. Show them who's in charge, as that way they'd be more likely to bring forth their best bids.

#5 Consider the Buyers’ Financing Options

It's relatively simple: an offer coming from a buyer willing to pay for the property all in cash is undoubtedly stronger than that coming from a buyer who's acquired a mortgage. Then again, one coming from an individual who's already been preapproved for a mortgage is also going to be stronger than that coming from a person who hasn't even applied for it.

Also, if you and your realtor happen to be familiar with the reputation of a buyer's lender, it's only natural you'd be leaning towards accepting their offer, rather than the one from a buyer with a lender that you are just hearing of now.

#6 Talk Contingencies

The fewer contingencies, the lower the chances of a buyer backing out of the sale. That also typically means that the deal would be closed faster. In general, contingencies are conditions that buyers can include in their offer that, if not fulfilled, allow them to move away from the property. For instance, they could require a home appraisal, inspection, or more time to secure their financing. As a seller, you want these avoided, if possible, as they will only prolong the time it takes you to sell.

#7 Choose the Buyer Who’s Willing to Accommodate You

If you are in a hurry to move out, the best buyer for you is the one who's been preapproved for a mortgage and is now ready to close the deal. However, if you need more time to figure out your next living arrangement, then you might be more inclined to accept the offer coming from a buyer who can accommodate you and your needs.

Lucky for you, in a hot market, buyers are willing to allow sellers to stay within the same property up to 60 days after closing on it, in some instances, even for free. That should give you enough time to find a new house, as well as find yourself a reliable moving company, one like centennialmoving.ca, to transfer your belongings for you.

 
If you are planning to move post-sale, you would be better off finding a buyer who's willing to let you stay on the premises until you find yourself a new place.
 

Hopefully, now that you've read up on our tips for handling multiple offers on your home, you've come to realize that deciding on whom to sell to is simpler than it seems. However, if you still find yourself struggling to decide, have your realtor give you a piece of their mind. While they cannot choose the buyer for you, they can provide valuable advice that might ultimately help you make up your mind.