The process we guide sellers through in a multiple-offer situation.
If you’ve been following real estate news over the past year, I’m sure you’ve heard about multiple offers being extremely commonplace. Today I’ll discuss how my team and I handle multiple offers for our seller clients to maximize their profits and get top dollar for their homes.
Timing is extremely important when it comes to handling a multiple-offer situation. Whether we begin marketing a property on a Monday morning or a Thursday evening, we discuss the strategy for how we expect the process to play out. Let’s say the listing starts on a Friday. We will typically allow showings through the weekend and set a deadline for offers on either late Sunday afternoon or Monday morning.
We’re extremely transparent with all the buyers’ agents and make sure they know that we have multiple offers and when the deadline will be. We certainly don’t want to extend the process too far because if you wait too long to set a deadline, several of the initial offers will move on to other homes.
After going over the first offer with our sellers, we set up a spreadsheet so they can review the additional offers as they come in. This spreadsheet breaks down all the key terms for each offer so they can make side-by-side comparisons. It’s not always about the highest price. Rent-backs, contingencies, closing times, and cash offers all play into the decision. We want to understand what’s important to our sellers and align them with the offer that works best for their circumstances.
If you have questions, don’t hesitate to call us. We look forward to hearing from you.
