How to Deal with Multiple Offers when Selling Your Home Depending on how you want to sell your home, sellers now have three -not just two alternative options. That is, selling with an agent the conventional way, selling a house yourself via FSBO or For Sale, By Owner, and more recently, selling it to cash […]
How to Deal with Multiple Offers when Selling Your Home Depending on how you want to sell your home, sellers now have three -not just two alternative options. That is, selling with an agent the conventional way, selling a house yourself via FSBO or For Sale, By Owner, and more recently, selling it to cash buyers. It is somehow important to note that in all three, another prerogative that a seller has is to offer it to multiple buyers as a means of influencing a matching latitude between as many interested buyers as much as possible. This will be to your advantage since contending buyers would surely want to sell-off one another and thus give out a competitive bid. The seller may thing that this is a good think having multiple buyers, but it actually presents some disadvantages. A 50 percent fallout rate stands out compared to the ten percent fallout rate for properties where there is only one buyer involve. The reason behind this is that buyers would often take on an aggressive posture while being dragged to come up with a higher bid, and then when that imperious emotion settles down, these 50 percent contenders who after realizing that they have overbid starts to have cold feet and begin to put off the deal altogether. But, there is still a way to minimize fallout and improve your chances of success in handling multiple offers. Having a manager present is the best way to handle the situation. Even if you have to sell it through an agent that has a different policy, it is still good to have a manager deal with it. You can discuss conditions with the manager and the agent, while the manager supervises the multiple offer process.
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There is no legal liability to tell buyers about the contending offers but it is just unethical to disclose the content of the competing offer to others. When the bidding is over and the price is out, there can be regrets with bidders and in order to avoid fallout, the manager will ask them to bring back their best offers. In this way, managers can study the interest of multiple buyers together with their ceiling price. with this the probability of closing the deal will be higher.
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If you are not interested with a counter offer and receive a new offer from the same buyer that is better, then you simply need to wait until the first offer expires to take the better one. These types of negotiations are best done with the help of a manager. This process will assure you of getting the best offer for your house.