How to Deal with Multiple Offers on Your Home
Multiple offers are an exciting prospect for any homeowner. The trick with multiple offers is not to allow the excitement to get you carried away, as you place importance on trying to get the highest purchase price. When multiple offers come in, it’s important to stick to your overall goals and to look at the offer as it exists beyond the price.
In a multiple-offer situation, your agent will contact all buyers informing them of what has happened, and set a cutoff date of the “highest and best” offer. This will give all parties involved a chance to put their best offer together. While the buyers are putting their offers together, go back and consider what your priorities were when you first decided to sell the home. Do you need to move fast or do you have time? Were you hoping to put the money into retirement or into a bigger home? Knowing why you are selling your home will help you choose between the offers to find the best one.
Once the offers are in, make sure to review the whole offer and not just the price. What are the buyers offering in terms of earnest money, option period, and closing date? What type of loan are they getting? And what are their plans for the house? A better offer is not just about the selling price.
When multiple offers come in, remember there is still a while to go before you are clear to close, and the buyer might still walk away from the deal. So just because you have several offers now, doesn’t mean you shouldn’t treat each one as precious.
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