How do you handle multiple offers?
Once you place your home on the market, there's several things that could happen. And what exactly happens all depends upon how you price your home.
You could put your home on the market and nothing happens. Or, you could put your home on the market and you get a lot of showings, but no offer. And finally, you could put your home on the market and you get lot's of showings and receive multiple offers within the first week.
Which scenario do you think is the best? Having sold nearly a thousand homes, I can tell you which scenario will yield the best results. It's getting multiple offers on your home. Getting two or more buyers competing against each other for the right to be the new owners of your home is the only way to find what top dollar is. There is no other way.
So let's say that you've placed your home on the market and within days you receive at least 3 offers on your property. What's the next step. Well, depending on exactly how many offers you receive, there's a few different strategies, but let's just assume that we're working with 3 offers. As an agent representing the seller, the first thing I would want to do is notify the seller(s) of all the offers and even show the offers to them. Then typically what I would do in that situation is notify the 3 buyer's agents that we have multiple offers on the property and then extend a deadline for them coming back with their buyer's highest and best offer. Sometimes in this scenario, the seller's agent can let the buyer's agent know that there some non-negotiable items that the buyer will need to meet. One example of this would be the seller needing a temporary lease back after closing. There obviously could be some other non-negotiables as well.
Once you've done this and the deadline has passed, you should have received some improved offers at this point. Additionally, during the extra time frame, other offers could have come in. But for the sake of argument, we'll pretend that we're still dealing with just the 3 offers. At this point, as the seller's agent, I would discuss the pros and cons of each offer with the seller and then the seller could make a choice on which offer to accept. There is however, another next level strategy that could benefit the seller even more at this point. This is a strategy that I share only with our clients though, so I can't share that here.
90% of sellers who put their home on the market aren't fortunate enough to get multiple offers on their home because they didn't price it right to begin with. So obviously this strategy won't work for the majority of home sellers out there.
If you are interested in selling your home fast and selling for more money than your home is actually worth, then give me a call and let me show you how we sell homes. 817-966-6775