What should you do when your home has multiple offers?

On Behalf of | Mar 25, 2021 | Firm News |

There is a lot to consider when you start getting offers for your home in New York. You will need to decide what your expectations are so that you do not lose out on the best offer.  

This process becomes more complicated when you have multiple offers to entertain. While this is a good problem to have, strategic decision-making can help you optimize your opportunity and get the best offer of them all.  

Communicate effectively

One of the biggest mistakes you can make is to tell every interested buyer that you have higher bidders. Yet it can be equally as detrimental to let every buyer think they are the only one. Communicate with your buyers and inform them of how you plan to manage multiple offers.  

A common strategy is for sellers to ask all buyers to submit their highest offer. Disclose that you have other interested buyers to encourage everyone to bid their best price. Once you have everyone’s submission, select the one that best suits your expectations. If you feel uncomfortable asking buyers for their highest bid, you can choose one offer to negotiate with. 

Analyze contingencies

Multiple offers have a way of making sellers forget about everything they wanted from their sale. Especially when they only see dollar signs. According to Realtor, do not forget about contingencies. 

While an all-cash offer, for example, may look very pleasing at first glance, accompanying contingencies could compromise other aspects of your sale. As you entertain each offer, analyze contingencies and have a clear picture of what you are and are not willing to negotiate.