Here’s how sellers should handle multiple offers if they receive them.
As a seller in this market, you’ll likely receive multiple offers because of the lack of inventory and low interest rates causing high demand from buyers. Obtaining multiple offers is a great thing for sellers, but you need to know how to handle them.
When looking at offers, it’s not just about the price; the highest price is not always the best offer. The terms of the offer such as financing, close of escrow date, down payment, and contingencies are also crucial. Consider all these things before choosing an offer to accept (though you can also counteroffer). Once you’ve chosen an offer to accept, then decide which one to place in the back-up position. This ensures that you have another buyer in place in case the first backs out of the deal.
Our team regularly provides professional real estate advice, so if you have family or friends who could benefit, tell them to contact us. If you have any questions about multiple offers or real estate in general, call or email us. We would love to help.
