When selling a house, having multiple offers is a great fortune that every home seller wishes for. But what if it turns into a nightmare when you can’t decide who to choose or successfully secure the highest price without getting caught in a negotiation frenzy?
Let’s check out 5 enticing tricks to handle multiple offers as a professional home seller.
Know your worths, know your goals
Imagine your house is now like a sweet honey bun that everyone wants to taste, it’s important to make up your mind and understand your non-negotiables. As a king is empowered to choose the right person with the most valued deal, you need to set up goals from prices to contingencies.
Several considerations that a home seller should think about when setting up goals and reviewing potential offers:
- Conditions – You will need to check up on buyers’ conditions such as financing or home inspections to evaluate if you are willing to accept.
- Closing/Possession Date – There is a difference between the day the deal closes and the day the possession happens. You need to deliberate to apply a suitable selling strategy.
- Flexibility – The level of willingness of buyers in negotiation about price or conditions will also be a significant element for a home seller to consider.
- Self-Represented Buyers – Sometimes making transactions directly with buyers can create a win-win situation for both you and the buyer. For instance, the buyer can purchase at a lower rate while you can save your money with no commission charge.
Be organized
The best way for home sellers to evaluate and compare is to make the information neat and clean by creating a spreadsheet or any other preferred forms. You can synthesize the buyer’s info as the name, price, contingencies, closing date, net to seller, the down payment, and other important notes.
This makes sure that none of the pieces will be missed!
Think carefully and thoroughly
Remember that you can only accept ONE offer – so it’s important to think twice and maybe a third time if needed!
While price is always the “king”, you should also focus on details. Consider inspection concessions, seller-paid closing costs, or even creative financing options. A buyer offering a slightly lower price may compensate with valuable extras. At this stage, flexibility can be your secret weapon to extracting the best deal.
Treat buyers with respect
Having several offers might empower you, but be careful since it can be a double-edged sword. Bidding wars can make things hot for interested parties, but they can also leave you empty-handed.
Transparency is essential to keeping people interested in the game. Be careful to follow your plan, speak with clarity, and make the right decisions.
Closing the deal with confidence
Once you have found your champion, carefully move to the final step. Finalize contracts, navigate contingencies, and ensure a smooth closing. You might need a sales agent to smoothly guide you through the paperwork and logistics.
These are 5 tips for you as a home seller to always take control of the situation. However, here are some more tricks that might help you:
- Set a deadline for offers: Create a sense of urgency and encourage competitive bids.
- Receive multiple agent opinions: Seeing strengths and weaknesses in offers through different angles of view.
- Be calm and humble: Don’t let emotion take the lead, be focused on your strategic plan.
Let us tell you a secret!
These are five recommendations to assist a house seller in better managing the situation of multiple offers. However, employing virtual tours for housing is one of the secrets no one has ever informed you about attracting qualified offers and reducing workflow afterward.
Here’s an example of a real-world virtual tour used by a home seller:
