More often than not when selling your home or condominium it is not uncommon to receive multiple offers on your property. When a seller receives multiple offers, many are often unaware about how to proceed with accepting the right one. It is important to understand how multiple offers work and how to best assess who’s offer to accept. Every real estate transaction with multiple offers will be based on different scenarios but there are tips that can help sellers and buyers make the right decision to make their selling or buying process run smoothly.
Offers are registered with the listing brokerage. The real estate agent can bring their clients offer in person, or they also have the option to email or fax the offer directly to the brokerage. Sometimes one offer will be received and it will be exactly what the seller wanted and the transaction will be secured. Other times there will be more than one offer that the seller will have to go through and choosing the best offer may not always be the easiest decision to make.
When the buyers decide upon a real estate offer, the buyer will not have any clue what the amounts of the other offers were. This information will only be presented to the seller and their agent. If a seller receives 5 offers they may simply choose the highest offer right away although this is not always the case.
Often times the seller will make the decision to send back all offers to potential buyers for them to improve their offer. This usually begins the start of a bidding war.
Multiple offers will definitely allow sellers to get the best possible deal when selling their home. It can also make for a great deal of uncertainty with potential
buyers. A common question that many buyers will often ask agents is whether or not to go in with their best offer right away. If the buyer is aware that there are other offers on the table it is definitely recommended to go in with your strongest offer. Many agents and buyers who have sold their homes before will assume
that there will always be a second round of bidding to improve their offers but this is not always the case. When there are 5 other people trying to bid on the same home its best to go in strong. There have been plenty of times where a seller has accepted an offer within the first round, and potential buyers have lost out on their dream home because their offer fell $10,000 short, while they were more than willing to pay an additional $20,000 if they had a second chance to bid.
Often time’s seller will not accept an offer simply based on it being the highest price. If a seller receives multiple offers and the highest one is sold conditionally, they may choose to go with the second highest offer that was not requested to be sold with conditions just to ensure that the transaction does actually go through.
Selling your home or condominium can result in a wide variety of situations. It is important to have a real estate agent on your side that has the knowledge and experience to ensure the entire process runs as smoothly as possible. At Skylife Real estate we ensure that our agents have a substantial understanding about the real estate world so your questions never go unanswered and most importantly so that you are never kept in the dark in any uncertainty. Contact a Skylife real Estate expert today if you are considering selling or buying a property.