You’ve listed your home. You had a successful open house. And now you’ve received an offer – followed by three more.
If you’re selling your home, you may find yourself in the position of having to choose between different offers. While this is often an excellent position to be in – who doesn’t dream of a bidding war? – it also means that you’ll have to choose between them at some point.
Below are some tips to help you decide between multiple offers for your home.
All offers are negotiable
The first thing to remember when reviewing any offer for your home is that all proposals are negotiable. It’s part of the process to go back and forth until a mutually desirable agreement for the seller, and the potential buyer is made. You can make a counter offer asking for modifications to the original offer if you receive a compelling offer that is not quite what you had hoped for,
Define your priorities
Before you even begin entertaining any offers, you must first decide what your priorities are for your home sale. Which terms are deal breakers if they aren’t fulfilled? On which terms are you willing to negotiate? Do you have time to wait for a better offer, or do you need to sell quickly? Take the time to set your goals so you end up satisfied with the process in the end.
Establish a process with your real estate agent
It’s a good idea to have a selling plan in place before you begin receiving offers if you or your agent believe that your home will receive multiple offers. Decide on a time frame that you will accept offers, and let potential buyers know there is a clear deadline. Your agent has probably gone through this process before and will likely already have an established way of dealing with multiple offers – let their expertise guide you here. They can discuss with you how the review process will take place, and will likely be open to any modifications you may want to make.
Analyze each offer
Each offer you receive on your home needs to be carefully examined before making a decision. While it may be tempting to go with the highest price offer, there are other things to consider. Are the buyers pre-approved for a mortgage? Are they asking for appliances to be included in the purchase price? Do the prospective buyers want you to make any repairs? Are they offering enough earnest money to deposit for the down payment? Do the buyers want you to cover closing costs? Does their closing date align with your timeline? For each of these critical points, you’ll want to ask yourself what you’re willing to compromise on and what is a deal breaker.
While receiving multiple offers on your home can be very exciting, it’s important to keep in mind the big picture and have a plan in place for what to do if you need to decide between two or more potential buyers. With a little forethought and a set of clearly defined goals, you’ll have an easier time making that final call.
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