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Here’s how to handle multiple offers: Begin by letting each Buyer know that you are about to receive more than one offer. Next, set a deadline and ask each Buyer to submit their highest and best offer to you in writing. Make sure each Buyer is aware of the deadline date and ask each Buyer to include a copy of their mortgage pre-qualification.
Here are some tips for evaluating multiple offers. Identify the best buyer and work with them to make a deal. The best buyer isn’t necessarily the one with the highest-priced offer. If a buyer made a high offer just to "win" the bidding war, they might get cold feet or second guess their decision and walk away after inspections.
Whether you’re the lucky seller with multiple competing offers to buy your house or you’ve just gotten your first nibble from a prospective buyer, you have a lot to think about. When it comes to selling a house, there’s an old adage that the first offer is the best offer. That doesn’t mean there isn’t room to negotiate.
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Learn how to handle multiple offers with the Good the Bad and The Ugly of multiple offers.multiple offers are a good!! but there are some downsides as well. Source: How to handle multiple offers- The Sellers Guide to Multiple Offers
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When there are multiple offers, the seller typically takes one of three actions: Accepts the most favorable offer. counters all offers to give everyone a chance to come back with a better bid in an effort to get the best price and terms. Counters the offer closest to the price and terms the seller’s seeking.
While the listing broker can offer suggestions and advice, decisions about how offers will be presented – and dealt with – are made by the seller – not by the listing broker. There are advantages and disadvantages to the various negotiating strategies you can employ in multiple offer negotiations.
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