We’re currently operating in a seller’s market—which means inventory is low and demand is high. For many sellers right now, that means expecting multiple offers. While receiving several offers on your home may seem like a dream, all the “what if’s” could feel more like a nightmare. These five tips for navigating multiple offers as a seller may help you find the best reality!
Get organized.
First of all, when it comes to tips for navigating multiple offers as a seller, the best place to start is with a spreadsheet (or your preferred form of organization). Keep up with who’s who and who’s offering what by listing each buyer’s name in a column.
Then add columns for details such as the price, contingencies, closing date, net to seller, the down payment, and other important notes.
Plus, a spreadsheet is a good way to see just how the offers stack up side-by-side.
Figure out your priorities.
Sometimes the highest offer isn’t the best offer. If you’re worried about how your house will fare during the home inspection, for example, taking a reasonable offer with a quick closing date may be a good way to go.
Don’t ignore the details.
To clarify, by “details,” we mean important figures such as the down payment, the desired closing date, the number of contingencies, and what they are exactly. Paying attention to these types of details can help you see which offer best aligns with your priorities.
Treat all buyers with respect.
Even if your local market allows you to disclose the details of the other offers on the table, is that really the right thing to do? Sometimes starting a bidding war may work in your favor. Sometimes it can turn interested parties away and leave you with nothing.
The ethical course of action may be talking through the possible scenarios with your agent and circling back to each buyer with a simple “make your final and best offer.”
Put your greatest asset to work—your Realtor!
Perhaps our favorite of all the tips for navigating multiple offers as a seller is the one that lets us shine as your local experts! When it comes to knowing what does and does not work in our local market, we’ve got your back.
Moreover, we have the knowledge and experience to help you negotiate, counteroffer, and ultimately, close the deal!
Summary
Finally, remember each seller, house, and buyer is unique. There is no cookie-cutter answer or approach when it comes to real estate transactions, but working with the right Realtor can certainly make the entire process a little easier! Need a Realtor experienced in the East Alabama real estate market? Reach out to us today via our contact form. For more real estate news, trends and tips, keep reading our blogs!