While having a pile of offers to choose from might be every home seller's secret dream, a multiple offer situation can quickly turn into a nightmare if not handled properly.
If you are dealing with a multiple offer situation, or soon hope to be, here are some tips to help you successfully deal with this challenging, but rewarding situation.
When your real estate professional calls you with the news of more than one offer, it is more important than ever to keep your selling goal firmly in mind. In most cases, this goal is based on getting your home sold as quickly and efficiently as possible at or near your list price.
Exercise caution when reviewing all offers and use extreme care in responding to any that have unacceptable terms, even if the price is right.
A multiple offer situation can degrade quickly, if buyer agents and their clients feel that the situation is not being handled fairly.
Sellers should deal honestly and openly with all buyer agents, but only through the protective shield of their real estate professional who is experienced in handling these situations in an ethical manner.
A multiple offer situation will occasionally involve offers through buyers and agents who are willing to forego ethics and attempt to make a secret deal, or pay earnest money directly to the seller in return for getting an accepted purchase offer.
Do not participate in this type of behavior and let your listing agent know immediately when this happens.
Honestly evaluate each offer, looking for the best price and terms. Pay special attention to cash offers or those that contain proof of a sound, credit worthy buyer.
Do not make the mistake of shopping the offers, or negotiating one that is filled with special agreements, buyer demands or comes from a less than credit-worthy buyer, even if the offered price is above the asking price.
These types of offers often cost the seller more time and aggravation than they are worth. A solid, uncomplicated offer from a good buyer is often the fastest, easiest way to the closing table.