If you’re selling your home, the idea of getting multiple offers to buy might seem like an ideal scenario. However, managing multiple offers can be complicated and even stressful. Working with a real estate agent will help you figure out the best course of action, but so will understanding your options. Here are some choices you can make when presented with a multiple offer scenario:
The easiest thing to do in a multiple offer scenario is to accept the best offer on the table. This means no extra negotiation and a potentially higher sale price without adding time to your process. Accept the best offer and reject the rest immediately to make your decision.
Another option is to let all the buyers know there are multiple offers in play. Disclosing multiple offers to everyone involved means buyers can counter with a better offer. If they are not interested in upping their price or adding better terms, they can walk away from the sale and leave the others for you to negotiate with.
If you receive one offer that’s better than the rest, you can disclose it to the other potential buyers. This gives them the chance to either match or surpass the best offer. This might cause some buyers to walk away and others to increase their offer.
Sometimes there can be one offer that’s more promising than the rest. Even if it’s a top choice, you can counter the offer while letting the other potential buyers wait or a decision. You might get better contract terms or a better price from the “favorite” offer. If not, you know you still have backup options as long as you don’t reject them right away.
Juggling multiple offers can be stressful or exciting depending on the situation. No matter what, it’s a good idea to go over the options with a real estate professional for help in negotiating the best potential outcome.
Lori Lockhart originally from York Pennsylvania has been a Sarasota resident and realtor for over 16 years. She specializes in Sarasota, Siesta Key, Lakewood Ranch, Bradenton, Venice and the surrounding areas. She is skillful at negotiating and partners with many professionals to offer the best resources to her clients. She is always accessible to her clients and listens to their needs first and foremost. She works with first time home buyers, luxury home owners as well as investors to help them achieve their real estate goals. She has a broad knowledge of the construction industry as she is a licensed Florida General Contractor. She is able to assess construction costs which are such a benefit to her clients as well as offering them advice with regards to new construction. Lori is energetic, hard-working, and strives to exceed her client's expectations by assisting them in every aspect of the transaction. Whether you're new to the area, buying a retirement home or investing in property she has a vast knowledge of it all!
