Selling your home is a stressful experience especially in a buyer’s market. The seller has to enter into negotiations to get the best selling price when an offer is made.
You may think getting multiple offers from potential buyers is a blessing. It’s great that more than one person is interested in your home. You now have to determine which offer will give you the best profit.
When it comes to home buying contracts it’s not always about the money. There are other elements of the deal that can make or break the sale.
Keep reading for tips on how to choose the right offer when you receive multiple offers on a house.
Who are the Potential Buyers Offering?
When you receive multiple offers on a house excitement sets in. Then you settle down to take a closer look at the potential buyers. These offers could be from someone looking for a home, or it could be local investors who buy homes.
Investors are generally looking for a good deal and a quick sale. They want a property they can flip fast and recoup their investment. A buyer will be more emotional towards the purchase because they want to make the house their residence.
What are the Terms of the Offers?
Try to get written offers. Take the offers and go other them with someone with real estate experience. Having numerous potential buyers doesn’t mean all of the offers will be beneficial to you.
It is best to have a list of negotiables and non-negotiables before opening the home to buyers. This will help in the process of weeding out bad offers.
Are the Buyers Willing to Negotiate?
If none of the buyers are close to meeting your terms, you’ll have to negotiate to get what your home is worth. There’s a chance one or more buyers are not willing to budge. In this instance, you have to be willing to refuse the offers and keep the house on the market.
Do You Want to Have a Bidding War?
Potential buyers could come in with very competitive offers. Hopefully, you’ll get what you want for the house or maybe more. A bidding war arises when you have multiple offers on a house and neither buyer is willing to give-in.
You’ll need to ensure the offers are valid and financing is in place. Next, find at least two things that set the buyers apart. It could be as simple as who can close the quickest.
Don’t Settle When it Comes to Selling Your Home
Getting two or more potential buyers for your home can get the price you’re asking if you handle negotiations the right way. Before placing your home on the market have a clear strategy to handle multiple offers.
More tips for home buyers and sellers are waiting for you in our Real Estate section.