A Great Problem to Have: How to Handle Multiple Offers for Your House or Condo
With the real estate game in a state of constant flux, getting an offer on your house or condo might seem encouraging enough. However, there's always the possibility that your property might hit the market hot, and this could mean more than one offer on your home. While having multiple offers can be the best of all outcomes, there are a few ways to handle this situation and make the most of your home sale.
Communication Is Key With Potential Buyers
The occurrence of having multiple offers on your home may put you in the power position, but you'll want to keep potential buyers in the loop and aware that you're fielding other offers. Ensure that each buyer supplies you with a pre-mortgage qualification letter and an offer by a deadline you choose, and let them know the tentative timeline on making a decision. This will keep your buyers aware of the situation, and reduce the chance of missing out on a potential sale.
Weigh Your Offers Before Making A Decision
Right off the bat, it may be tempting to go with the offer that seems the best on paper, but make sure to carefully consider the reliability of each potential buyer. It's important to look over each buyer's offer and determine if they seem like a consistent candidate that won't change their mind. Once you've determined your ideal buyer, you can move on to negotiating the sale of your home, just do this in a timely manner because any serious buyer will expect a timely response!
Don't Forget About Following Up
It can sometimes happen that the seller will get so excited about an offer on their home that they'll forget about everything else and prep for the moving vans. However, it's important to follow-up with each potential buyer to ensure selling success. Not only will this instil good will with each potential buyer, it may even provide a back-up offer in the event that the initial deal falls through.
Having a number of offers on your home is a great situation to be in, but you'll want to make sure you handle it appropriately so you don't miss out on the best deal. By keeping your potential buyers in the loop and following-up in a timely manner, making the sale might end up being the easiest part of your move. For more information on selling your home successfully, contact your local real estate professional today!