Seller Tips: How to Handle Multiple Offers

Posted by Carey Frankel on Friday, December 19th, 2008 at 3:18pm.

Even though it is now considered a “buyer’s market,” don’t be surprised if you receive multiple offers on your Jacksonville Beach property; particularly if you’ve priced it aggressively and have kept it updated.

multiple offers are tricky

Although most homeowners would be more than happy to be in this situation, it can prove rather tricky. Being overly greedy, slow to respond or impatient can mean not only losing your multiple offer status, but losing all offers in the process.

When reviewing offers, you want to look for the best offer with the best terms attached to it. For example, the first buyer may offer you full price for your Jacksonville Beach home, but with a contingency attached to it that they must sell their home before they can purchase your home.

The second buyer, on the other hand, may offer $10,000 less, but have no contingencies attached to the offer. You will then need to weigh your needs and options and determine which offer will best suit you.

For sellers who must move in a predetermined amount of time, the second offer may be best in the long run.

what to do with multiple offers

The following tips will allow you to better manage the multiple offers on your Jacksonville Beach home:

present all offers promptly
1. You must present all written offers promptly. Setting an offer aside in hopes of receiving another offer will likely prove to be futile, as many buyers will simply retract their offer if left hanging for a long period of time.

inform all parties of the multiple offer situation
2. Work with your real estate agent by informing all buyers that they are in a multiple offer situation.

examine the terms of each offer carefully
3. Carefully examine the terms of each offer. Aside from the offer price, review the discount points, settlement dates, down payment amounts, contingency clauses, financing provisions (have the buyers been preapproved?) and repair allowances submitted by the buyers.

select just one offer to work with
4. Select one offer from the multiple offers and hold the others aside in case negotiations fall through. Only negotiate on one offer at a time.

work with your realtor
5. Work with your real estate to keep everyone informed of the process. Let your Realtor know exactly what your are thinking and your goals. They will be able to map out a route to get exactly what you need.

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