We’ve had a lot of people reach out lately with the same question: As a seller, what should I do when my home has drawn multiple offers? Today I’ll take a quick moment to offer my advice.
In one of my latest videos, we focused on multiple-offer scenarios from a buyer’s standpoint. If you missed it, you can check it out here. Today we’ll shift our focus on the seller side.
Commonly, sellers are most attracted to the largest offer, but the offer that will net you the most money isn’t necessarily the best of the bunch. Aside from price, give careful attention to the offer’s conditions.
We heavily stress to our buyers and sellers to always do business with a local lender. In truth, no online lender can compete with someone who’s local when it comes to getting you the best deal. Our team follows the “Choke Rule”—if we can’t get to the lender to choke them, we won’t use them. So it’s imperative that you enlist the help of a local lender if multiple offers are on the table.
Then, identify the type of loan each buyer has been approved for. Those that are the least restrictive should be seriously considered because they normally come with the fewest deal-breaking obstacles and outs for the buyer.
And of course, make sure you’re working with a highly capable agent who not only has a history working in your market, but who also has had past success in closing homes in your market.
If you’re a seller who has questions about multiple-offer situations or about real estate in general, feel free to reach out to me. I’d be happy to hear from you!