Getting two or more offers at the same time when your house is for sale can be a situation that puts you in the driver's seat. With multiple offers, you'll be able to evaluate which one suits you best, as well as engage in negotiations with the different prospective buyers to see if you can sweeten the deal for yourself even further. It's a good idea to respond to each offer promptly. Between the time that you receive the multiple offers and the time that you respond to them, here are some strategies to employ.
Tell The Buyer Agent That You Have Multiple Offers
It's often a good idea to have your real estate agent communicate to each buyer agent that you have multiple offers that you're currently evaluating. The buyer agents will pass this information along to their clients, and the clients may look to gain an edge on the competition by incentivizing their offers quickly. For example, if there's a prospective buyer who is highly interested in buying your home, he or she might immediately increase the offer by $10,000 to make it more appealing to you over the other offer(s) that you're currently entertaining.
Evaluate All Facets Of The Offers
It's a mistake to solely focus on the price of each offer. Of course, it's appealing to pick the offer that gives you more money, but there's more to evaluating an offer than just the financial bottom line. Other factors can be important to consider. For example, one offer's suggested closing date might be much more preferable that the other's date. Or, one offer might include some complicated conditions that you don't want to bother with if you're in a hurry to sell your home. Your real estate agent will guide you through all the elements of each offer to help you understand which one is most favorable.
Pursue Negotiations With Multiple Prospective Buyers
You don't need to limit yourself to selecting what you deem to be the best offer and then negotiating with that prospective buyer. Instead, feel free to pursue negotiations on each of the offers that appeal to you in some regard. You can send a counter-offer with a different price, but you can also negotiate the conditions being suggested or other factors that the prospective buyers have stipulated. By negotiating with multiple parties at once, you'll have a better chance in ending up with a deal that suits you.
For more information and advice with dealing with these situations, visit websites like http://www.foxfirerealty.com to get in contact with a professional real estate agent.