Today’s real estate market is competitive. This means once a home is listed, it may end up with multiple offers. Exciting? Sure. But it doesn’t come without its challenges. Here are a few tips to help buyers and sellers navigate this scenario.
Handling Multiple Offers: For Sellers
You may be looking for the right buyer for your property only to find out that there are several who are interested in calling your place home. How do you know you are making the best decision?
Set a Deadline for Offers
It is important to set a deadline for all offers. Doing so will help to keep everything orderly as you move through the process. Wait until all your offers come in and then decide on which one to accept after the deadline. This will help you to feel confident when moving forward.
Review Your Offers Carefully
Take the time to review all aspects of your offers carefully. Work closely with your real estate agent and consider the following:
- The offered purchase amount
- The earnest deposit amount
- Financing terms— Is it a cash buyer? Do they have pre-approval for a loan?
- Any contingencies
Do not base your acceptance on the offered amount without reviewing all the other details and terms first.
Know How to Negotiate
When you have more than one offer, you will find yourself with the prime opportunity to negotiate with the buyers. Having a real estate agent who excels in negotiations can be a plus as they can help you develop a strategy to seal the deal and maximize your profits while minimizing any risks.
Handling Multiple Offers: For Buyers
Finding your dream home can be a long, challenging process. So, when you finally find it, you want it. Unfortunately, you aren’t always the only one. What do you do as a buyer when the property you want has multiple offers?
Present the Best Offer
If you know that other people are showing interest in the property, this is not the time to go in low with your offer. Instead, you will want to give an offer that is strong and competitive – one that will catch the seller’s attention.
It also helps if you can show that you are already pre-approved and have the funds for the earnest deposit.
Be Flexible
It pays to be flexible. The seller may have a timeline in mind for closing and you are going to want to make it doable. In other words, you want to accommodate the seller as much as possible.
Write a Letter to the Seller
Sometimes, pulling on the heartstrings can help your offer to be accepted above others. You can do this by writing a letter to the seller.
Be persuasive, but also be very personable. You will want to share your interest in the property, including personal stories or future ideas for the home. If there is anything about you or your family that stands out and makes you the best buyer for the property, share it.
Working With a Skilled Real Estate Team
Regardless of whether you are the buyer or the seller, having a trusted real estate agent and team on your side can help ensure that the process flows smoothly. At Shepherd Homes Group, we understand the value of presenting or accepting a strong offer and can guide you along the way. We provide services to both buyers and sellers.
Contact us at (703) 997-1462 to get started.