What Should You Do When Your Property Receives Multiple Offers?

Today I would like to review a three-step guide on how sellers can navigate a multiple offer situation. In a hot market like what we are seeing today, multiple offer situations are very common. It takes just days for a property to see three, four, or five or more offers. That being said, how can you handle these circumstances as a seller? There are three steps I recommend. 1. Identify the situation. When your home has just been listed and your agent is already receiving calls after call inquiring about the property’s availability, it is a good sign that multiple offers are in store. 2. Set a time limit. Such a high level of competition over your listing may seem overwhelming, so the best way to proceed is by setting a time limit. This will give you the chance to review and compare offers. 3. Choose the best offer, not just the highest. While the highest-priced offer and the best offer are usually one in the same, this is not always the case. The important thing is that you, the seller, are able to accept an offer that fulfills your wants and needs. And because multiple offer situations can result in bidding wars, it is important to make sure a potential buyer will be willing to make up the value difference in cash in case the property does not appraise accordingly. The important thing is that you, the seller, are able to accept an offer that fulfills your wants and needs. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.