How to Handle Multiple Offers on Your House
Thanks to the current economic climate, home sales are breaking all kinds of records. Not only are properties selling extremely quickly, they’re also bringing in top dollar prices. That’s a win-win, right? You’ve got a house—why not cash in that equity in this fantastic sellers’ market?
Many homeowners are doing just that—but they’re facing an unusual problem. As soon as their home’s listing hits the market, they’re faced with multiple offers. Yep, you read that right. Multiple offers.
So how do you know which offer to accept? What if you snap one up and a better offer is around the corner? What if you wait too long and a great buyer walks away?
While multiple offers on your house are a good problem to have, sorting through them efficiently requires preparation. You may be enticed by all those dollar signs, but it’s critical to choose a buyer who is capable of completing the sale on schedule.
“This is when an experienced professional can really come to the rescue,” says Kirbi Barbosa, a REALTOR® with Sojourn Real Estate in Temple, Texas. “Selling a home is normally stressful enough, so in this unusual market, it’s important to have good advice from an agent.”
SPOT THE WINNING OFFER WITH THESE 4 TIPS
#1 CLEAR YOUR CALENDAR
“Be prepared to immediately make decisions on offers because you’re going to have them right away in this market,” says Charlsie Barfield, a Sojourn Real Estate REALTOR®. Once that “For Sale” sign is pounded into your front lawn, be ready to field offers that evening. As each one comes in, it will be tempting to rush to the one offering the most money. But look “under the hood” of each one carefully, making a list of its details so you can accurately compare apples to apples.
#2 FILTER FOR RED FLAGS
“There are lots of ways that a buyer can back out of an offer, so an agent has to carefully check that the offer forms are filled out properly. You don’t want to accept an offer that’s going to fall through,” says Barfield. “A seasoned agent will recognize any red flags signaling a buyer doesn’t have what it takes to close the sale.”
“We’re seeing buyer’s agents who are burning out from writing so many offers right now,” Barbosa observes, “so some of them are calling us with verbal offers. That’s a huge red flag—the offer needs to be written so there is no question about its terms.”
#3 CASH IS KING
How is the buyer coming up with the money to buy your house? A cash buyer who can skip past the loan process will be able to speedily finalize the sale. If selling your home quickly is your top priority, accepting an offer from a cash buyer is the fastest way to hand over the keys.
#4 GO LOCAL
If the buyer has financing through banks, mortgage companies, or credit unions, check who is providing their loan. If it’s a local lender, chances are they will have an established relationship with your REALTOR® and will be more willing to expedite the loan, quickly jumping any hurdles that pop up. They also will be most familiar with real estate rules and regulations in your area, increasing the chances the transaction will go smoothly.
Multiple Offers Can Be Overwhelming—Let Us Show You How to Pick the Best One
Sojourn Real Estate agents have years of experience selling homes in Bell County and we’re primed for this unusual market. We can help you effectively navigate multiple offers, maximizing your home’s profit potential.
