Thoughts on Successfully Handling Multiple Offers for Your Home
Multiple offers are pretty much the best news that home sellers can hope for.
They set up a situation whereby the asking price for the home can often be exceeded. Interested buyers are essentially in an auction-style situation that they will hate to lose!
Low inventory of available homes across most sectors of our market often sets up very competitive scenarios, with such high buyer demand for fewer and fewer suitable properties.
In the past couple of years or so, we've seen so many multiple offers for homes. At The Nicoli Group, our selling strategy involves setting a price that attracts maximum initial interest and encouraging a number of serious offers through our unique marketing methods that include daily direct contact with hundreds of potential buyers for your home.
So what can possibly go wrong here for the seller?
Actually not an awful lot, but the first thing to say is that we will be with you every step of the way to ensure that all goes smoothly. Nonetheless it still helps for you to be prepared for this quite common eventuality these days.
Communication with your agent is, of course, absolutely paramount. We are seeing multiple offers on an almost daily basis, while this may be the only time in your life when you're in this enviable position.
Therefore, don't hesitate to work extremely closely with your agent in discussing what deal makes the most overall sense.
It's very important that you don't accept the first offer that comes along and give each interested buyer the opportunity to make a bid, even if you need a very quick sale. Many buyers are already expecting to have to compete to own a home, so they should be able to rapidly put a bid together, or risk not acquiring the property.
Perhaps the key thing to say about multiple offers is that the highest bid isn't always the best overall deal. Not all buyers are equal and, even though they may have approved finance up to the asking price of your home, what happens if they are not completely certain of being able to qualify for the higher amount they have been forced to bid? There also may be other stipulations in an offer that you aren't totally happy with, so evaluating offers is very much about calmly taking a global view.
The beauty of receiving multiple offers is, of course, that you're in the driving seat in the deal and can sit back and consider all the bids on their individual merits. Again, your agent will carefully guide you through this process, so that you ultimately make the most informed final decision.
Why not get in touch with us today and learn more about how our marketing strategies so often result in competitive bids for our clients’ properties.