If you’re selling your home and you receive a whole slew of offers from interested buyers, congratulations! That’s great news. However, all those offers can be hard to manage on your own, which is why I’m here today to share four key tips to help you stay on top of them as you progress in your transaction:
1. Stay organized. I suggest that you lay out all your offers and create a spreadsheet so that you can compare apples to apples. This way, you can not only compare the purchase price of each offer, but also things like the closing date, due diligence fee, the type of financing, and more. Staying organized will allow you to better determine that you’re making the best decision.
2. Create a sense of urgency. If you have a really popular house that receives multiple offers on the first day of listing, go back to the buyers or their agents, thank them for their offer, and then ask them to submit their best offer by a specific date that you set. In doing that, you can often get buyers to increase their offers.
3. Find out more about the buyers. Find out what buyers like about your house, make sure their offer on your home isn’t contingent on them selling their own house, and determine why they want your house in particular. This way, you can learn which buyer might be the easiest to work with. Many buyers will send you letters and videos to appeal to you emotionally, which can help you understand what motivates them to buy your home.
4. Pick the best offer for you and your situation. It’s not always about the money; the best deal for you may be about the timeframe, the ability to rent the house back, or what have you. Consider your own situation closely and go with whichever offer is most advantageous to your needs.
As a side-note, your agent should remain on friendly terms with all parties in the transaction. Thank everyone for their offers after making your selection and keep a couple of backup offers on hand—something could go wrong in the deal, and if you can turn a backup offer into a contract, you’ve got an ace in the hole.
Home sellers: If you find yourself in a multiple-offer situation or if you have any questions about selling your home, feel free to reach out to me. I’d be glad to talk you through the process.