May 24, 2018

6 Tips for Handling Multiple Offers

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6 Tips for Handling Multiple Offers

1. Present all offers promptly and in the order they were submitted. Don’t sit on an offer because a better one might come along.

2. Ask sellers beforehand to let you inform buyers if there are multiple offers as a way to increase the final sale price. Be sure sellers understand that buyers may withdraw an offer if they know there are competitors.

3. Present all offers in understandable terms. Price isn’t the only consideration. Discount points, settlement dates, downpayments, contingency clauses, financing provisions, and repair allowances can tip the scales.

4. If buyers won’t respond realistically to a counteroffer, use a reverse strategy of telling them that they should forget about the house.

5. Select one offer to counter and hold the others as backups if negotiations fall through. Provide a deadline by which the buyers must make a counteroffer, so that other bidders will know when to expect an answer.

6. If you don’t think any of the prices are high enough, stall. Often buyers will get nervous and raise their price if they know there are several bids.

Sources: Danielle Kennedy, Danielle Kennedy Productions, Sun Valley, Idaho; REALTOR® Magazine Online

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