Getting a lot of offers on your home is a good sign. While you may be overwhelmed in this situation, try to take a deep breath and relax because this means your property is in high demand!
Right now, you have to be strategic to sell your property for the best price. You can get great profits by selling your home to companies that advertise themselves like we buy houses Overland Park or that local investor. It all depends on who you choose.
So, don’t panic and read our detailed guide below. We will discuss the dos and don’ts of handling multiple offers on your home so that you can close the deal for the most bucks!
DO: Know What You Want
First of all, be clear on the amount you want for your property. This is going to be your bottom line – one that can’t be compromised upon no matter what. And how will you calculate this amount? Well, many things will be included in it like:
- Original Property PriceÂ
- Amount Spent on Repairs
- Added Value for Special Features like Luxury FixturesÂ
You just want to make sure you’re getting back the money you spent on the property. On top of this, add the desired profit. This shouldn’t be a ridiculously high amount but something that aligns with the current market value.
DON’T: Get Pressured
When you have multiple offers on a house, buyers are desperate to secure the deal. This means you will come across all levels of pressurizing comments. You might feel like giving in and accepting an offer only because of the pressure.
Or you might feel guilty about promising the first guy who came with the offer and might want to agree to him even though you have better offers. Do not do this, please.
In the real estate business, you should always accept an offer that is profitable and in favor of you.
DO: Analyze Every Offer
The most appropriate way of selecting an offer is to analyze and evaluate all of them. Consider the following aspects:
- Type of Buyer: There are usually 5 types of buyers – investors, first-time buyers, house flippers, downsizers, and home-buying companies. Each buyer has a different profile and qualifications.
- Financing: Pre-approved financing offer is very reliable and assures that you will receive the payment timely. However, cash offers are instant. You get the full amount upfront.Â
- Closing Date: The buyer’s flexibility on the closing date can affect how quickly you can close the deal and get the payment.Â
Once you’re done analyzing, choose the one that best fits your needs. Remember to take your time and weigh the pros and cons of each offer before reaching your decision.
DON’T: Play Buyers Against Each Other
A common mistake that people make is playing buyers against each other. This means that they try to compare them and pressure them into raising the offer.
For example, Buyer A is offering $350,000 for your property, and you know Buyer B has already offered $355,000. So, you tell Buyer A that someone has offered $5000 more than you. This comes off as pressurizing and fake.
The buyer might not believe you in the first place and back out because it seems like you’re just trying to get him to pay more. Remember that buyers talk to each other so this opinion can spread like wildfire and cause other buyers to back out too
A better way to deal with this situation is to be honest and upfront. Tell the buyer that you have received XYZ offers and will consider each of them before reaching the decision.
DO: Seek Professional Help
Lastly, consider getting professional assistance in finalizing the deal. While you may want to sell your home without a realtor, there’s no harm in seeking advice. The realtor won’t charge you the same amount as the commission.
They will charge you only a small fee, but the help will be worth it. You will save a lot of time and effort. And let’s not forget about the profits you will make by choosing the best offer.
Last Words
Handling multiple offers on your home is all about communication. Don’t dismiss any offer immediately, nor accept the first offer.
Don’t give in to any kind of pressure, either. Just take a deep breath and request a day’s worth of time from the potential buyers. During this time, evaluate each offer and select the one that suits you the best. You may consult a professional if required.
Once you have reached the decision, let that particular buyer know and politely refuse others’ offers. You can tell them that if another similar property comes up, you will definitely contact them first.
These communication methods help you maintain good relationships with others and network better.
