What to do with Multiple Home Offers

What to do with Multiple Home Offers

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You have put your home on the market, have priced it right, and now you have multiple people wanting to buy your home.  While this might be exactly what you wanted, this scenario can make the decision a little harder because you need to make sure you choose the right offer.  When you have multiple home offers, consider these strategies for choosing the best one.

The Right Choice

The highest offer does not mean the best offer. You want to choose the person who really wants to buy your home and not the one who made a hasty-but-high offer. The right person is the one who has viewed your home multiple times, they have done the research on your home, and your agent agrees this is the best choice.  Your agent will be able to tell you if they are pre-approved for the mortgage and any other information that they can about the buyer to help you make the choice.

Using Multiple Home Offers

The positive thing about getting multiple home offers is that you can use them against each other to make sure you get the strongest offer in the end.  You may need to make counter offers to ensure you get the offer you want.  If someone is saying they can close when you need to, have your agent tell the other buyers this – maybe the person with the highest offering price can also close at this time.  If you want a potential buyer to raise their price make a counter offer in hopes to bring up the price.

Keeping Buyers in Mind

You may choose the buyer that made the best offer and the one that you think will be able close but in the end this may not happen for reasons beyond your control.  If your home goes back on the market you may not be able to get those terms again and people may think something is wrong with the home.  You can talk to the buyer with the second best offer and see if they will be your backup. Try to get this in writing but if not make sure your agent – or you – have a way to contact them.

Selling your home can be both exciting and stressful at the same time.  In order to make this process smoother you need to understand what conditions you are looking for.  Being prepared and using these strategies can help you decide between multiple home offers.

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