In order to approach multiple-offer situations, you need to be prepared whether you’re a buyer or a seller. Here are some tips for both.
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One of the topics we get asked most frequently about is multiple offers. In the past, we were receiving multiple offers on pretty much every home that we listed. In the last few months, however, the market has slowed down and homes are taking longer to sell. Once we get into the spring, we should start to see homes receiving multiple offers much more frequently. We’ve got tips today for both buyers and sellers who find themselves in multiple offer situations.
For buyers, submitting the highest offer isn’t the only way to win. For a vast majority of my home seller clients, price is the first thing they look at. However, you don't always have to be the highest offer. Sometimes a cash offer that’s lower and has fewer contingencies is preferable to a financed offer.
For sellers, I usually recommend accepting the cash offer over the financed offer, even if it’s a little lower. Cash transactions are the easiest to get through and present the lowest amount of risk of a deal falling apart.
Our most savvy clients tend to price their home slightly below market value. From there, buyers will find it, make multiple offers, and drive the price up. People are hesitant to do this, but underpricing your home is a much more safe route in this market than overpricing it.
There are a lot of of variables that go into a contract that may cause a seller not to pick the highest offer—things such as contingencies and the type of offer.
If you have any questions about multiple-offer situations in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
For buyers, submitting the highest offer isn’t the only way to win. For a vast majority of my home seller clients, price is the first thing they look at. However, you don't always have to be the highest offer. Sometimes a cash offer that’s lower and has fewer contingencies is preferable to a financed offer.
"Our most savvy home sellers price just below market value."
Our most savvy clients tend to price their home slightly below market value. From there, buyers will find it, make multiple offers, and drive the price up. People are hesitant to do this, but underpricing your home is a much more safe route in this market than overpricing it.
There are a lot of of variables that go into a contract that may cause a seller not to pick the highest offer—things such as contingencies and the type of offer.
If you have any questions about multiple-offer situations in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
