Multiple Offers - Seller's Perspective
When you list your home, I know that all sellers dream of having multiple offers, how much better can selling your home get, it sells quickly and you get to choose the best offer of the bunch! If multiple offers are what you are looking for, here are some tips on how to create multiple offers and some things to watch out for if they come up.
Price your Home Right: Price is what drives buyers into your home, if they don’t perceive it to be priced right they won’t be willing to look at it quickly. If a buyer or that buyer’s agent believes that the home is priced below market value, they will be willing to drop everything and look at your home right away, only when you get multiple buyers in your property quickly can you get multiple offers.
Have a great Product:
Price might bring them in the door, but the quality of your home is what will get them to buy. Make sure that your home is fully ready for sale before you list it, if items are incomplete or it’s not cleaned, decluttered and staged then your home won’t stand out and make those buyers feel that they had better buy this one before someone else does.
List close to an Open House:
If you list your home and have an open house planned for a few days later, buyers will feel the pressure to look at the home before the open house and to possibly offer before that open house as well, remember a buyer feels that the less eyes on a property the better the chances they will not have to end up in multiple offers
Make sure your Agent works for multiple offers:
If you are looking for multiple offers, make sure that your agent is calling all agents who have been through the home that have showed interest or haven’t left any feedback at all. Your agent should be making sure that they are exploring all options for more offers if that is what you are looking for. Also, keep in mind
that some buyer’s will shy away from multiple offers, so you do risk losing those buyers if you are too aggressive.
Once you receive the Offers:
once you have been advised there are multiple offers coming in, you will meet with your agent and all of the offers to choose which one works best for you. Remember that the buyers have put their best foot forward, so you won’t often be able to send them back for more money. While price is obviously a very important factor when you look at the offers, other factors to consider can be close date, conditions like financing, inspection and even sale of the buyer’s home. Make sure that you choose the offer that works best for you and if you have to ask the buyer to make a few tweaks hopefully it can be done. Be cautious of accepting an offer that has no conditions, in a few cases, buyers can get caught up in offering on a house before they have their financing pre-approved and could end up backing out of the offer, at which point, you would have to go back to the other buyers and hope that they are still interested in buying your home. Not only can choosing the wrong offer cost you valuable time on the market, but it can also cost you more money if the other buyers are not interested, of have chosen to lower their original offer.
Whether you end up with multiple offers or just one offer, remember the end result is the same, your home will sell for market value and you’ll be moving onto your next adventure!