Deciding between multiple offers on your home will be much easier if you follow these five tips.
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So you’ve received multiple offers on your listing. Congratulations! Today I’ve got five tips for ensuring that the selling process goes off without a hitch:
1. Stay organized. Design a spreadsheet that includes all offers along with a table of all criteria that’s relevant to your decision. This way, you can go down the line and compare each offer against these criteria. Having an organized process of elimination will help inform your decision.
2. Create a sense of urgency. Part of this is having your Realtor set and announce a specific review date for any and all offers that come in. By doing that, interested buyers and their representation will know how long they have to place their offer, and they’ll understand that indecision could mean a missed opportunity.
3. Obtain information on every buyer who makes an offer. Your Realtor should make it their mission to learn as much as they can about the types of buyers you’re dealing with. Are any of them all-cash buyers? Contingent buyers? These are things that will likely have a major bearing on your sale.
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Having an organized process of elimination will help inform your decision.
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Having an organized process of elimination will help inform your decision.
4. Inquire about all offers with a loan officer. If the loan officer sees an offer in a favorable light ahead of time, the chances of it going through go up exponentially, so make sure your Realtor brings your offers to a mortgage professional before you make a decision.
5. Don’t cut ties with buyers who aren’t your first choice. Once you’ve accepted an offer, ask the second- and third-place buyers whether they wish to place a back-up offer. The incentive for doing that is they can lock out any additional offers in the event that the deal you’ve accepted fails to come to fruition. Should that happen, their backup offer would be moved to the first position.
If you don’t already have a spreadsheet, as mentioned in point No. 1, we’d be happy to provide you with the one we’ve developed for free! Just contact me and I’ll send a copy for you and your Realtor to use.
And if you have any other questions about how to best handle your multiple-offer situation or about real estate in general, please email me at GaryRaze@Remax.net or call me at 541-554-5825. I’d be happy to help!
