If you receive multiple offers on your home, how do we maximize all the activity? Today I’ll explain.
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Next, we’ll look at inspections. Are they asking for any inspections? What is the timeline? How long will your property be off the market before we know that the buyer will move forward with the transaction? There are actually several different ways to maximize a home inspection. One option that I typically recommend is to implement a dollar amount that holds the buyer in the contract as long as the repairs fall below a certain amount. In this way, we won’t lose other buyers in the process.
After that, we’ll look closely at the buyer’s qualifications. Are they a cash buyer? And if so, do we have a written proof of funds from the bank that shows they actually have the cash? Or are they planning to get financing from equity in a property or a private mortgage? If they are getting mortgage financing, have they provided a written pre-approval letter from their lender? We always want to make sure that we have the documentation to prove the buyer’s financial ability to purchase your home.
Once we’ve reviewed each offer closely, we then determine which buyer best meets your needs as a seller. That’s the offer that we will work with, after which, we’ll let the other buyers know that we’ve accepted an offer and at one point, if any contingencies are involved, they would be removed. At that moment, we may bring an additional buyer into the backup position, in case the first deal falls through.
Multiple-offer situations are ideal opportunities to get you the best price with the best terms for the sale of your home. If you’d like help in generating one of these scenarios for your own listing, or if you have any questions, call or email today. Our phone numbers are (239) 248-8000 or (239) 280-0939. I’d love to hear from you.
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Having multiple offers on your home is a great problem to have.
On our team, we love getting multiple offers. In fact, we have strategies specifically implemented to generate and promote these bidding wars on our listings. For one, we always get feedback from buyers and their agents after every showing. If the buyer is interested, we encourage them to make an offer quickly because there are other buyers in the marketplace with their sights set on the property.
When we do receive multiple offers, we then call each buyer’s agent back to let them know we’re in a multiple-offer situation. At that point, they know they have competition, which in turn incentivizes them to make their highest and best offer. Quite often in that moment, we’ll have those buyers sharpening their pencils and increasing their offer price.
Once we have all buyers’ offers by the deadline we set, we’ll carefully review each of them. We look at the price first, and then we look to see if there are any concessions—is the buyer asking for any repairs to be made or fees to be paid? Are they asking for any credits or allowances?
Further to that, we’ll review each of their closing dates. Is it a quick closing or a delayed closing? If it’s a closing that takes place, say, 90 days down the road, you’ll be paying all the costs to carry the home for an additional 60 days. This factor could make one offer look better than another.
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Multiple-offer situations are ideal opportunities
to get you the best price with the best terms
for the sale of your home.
to get you the best price with the best terms
for the sale of your home.
