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Multiple Offers: How to Make the Right Decision
While it's true that two offers are better than none, that doesn't make it any easier to make the right decision. There are many factors to consider, and you will want to weigh each offer carefully as you decide which one to accept. Our real estate agents understand the challenges in front of you and recommend the following to help guide you to the right choice.
Price Vs Terms
This is only part of the equation you need to consider. If it's an all-cash offer that comes in at or above your asking price, it's an easy decision to make. In fact, most sellers will accept this offer without a second thought. While a generous offer is certain to catch your attention, the bottom line is that you should always pay close attention to the offer's terms and conditions. For example, suppose a high bid is contingent on the buyer selling another property or securing financing. In that case, it can be riskier than accepting a lower offer with no strings attached from a buyer with secured financing.
Terms are where many deals break down. While you should always expect that an offer will come with terms attached, it tends to catch sellers off guard. Inspection requirements, closing dates, and other details can become sticking points that can prompt a seller to withdraw their offer. When reviewing the terms of both offers, it can be advisable to choose the offer that you find most agreeable, even if it means accepting a lower sale price.
Of course, you may receive two offers that are not as appealing as you would like. Maybe one offer has a great price, but onerous terms, and maybe the other is at a price that is just a little too low but with slightly better terms. It is perfectly acceptable to nudge both offers in the right direction by making a series of calculated counteroffers. As you negotiate, be sure to establish where your bottom lines are so that when one offer meets your goals, you can close the deal.
Best Offer
Another option is to focus on the best and reject the rest. This allows you to focus your efforts on securing the most likely deal. But, this strategy can backfire. If you reject a reasonable offer while chasing a golden goose that lays a rotten egg, the second prospective buyer may not be as interested in closing the deal. In fact, they may already have a deal secured on another home, which can put you back to square one.
Finally, you have likely spent many years establishing your home. You have made memory after memory within the house, and you want the new owners to respect that and to appreciate the love and care you poured into the property. If you have considered price, terms, and all factors come out equal, it's common to allow emotion to tilt the scale. Go ahead and decide which of the prospective buyers you believe will take care of the property and cherish the home as much as your family has over the years.
We invite you to contact us with your real estate questions. Our team is happy to help you make the best decision for your family, lifestyle, and financial future.
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