What’s The Best Way To Handle Multiple Offers On My Kingstowne Home?
Multiple offer situations are something some sellers dream about and something other sellers have happen and then have nightmares about. Let’s talk about multiple offer situations as a seller and how to handle them on your Kingstowne home.
If you follow our listings you know that many of the sellers we represent have ended up with a bidding war on their home and gotten more than the asking price. While it doesn’t happen every time it can often be common in a market like we’re in today. Prices are rising and there’s a lack of supply in certain neighborhoods and when there’s a lack of supply but, not a lack of demand multiple offers occur. As a seller it can put you in a tough spot and it takes making the right plan with your agent to successfully navigate the multiple offer waters. We consult with our sellers and go over their options but, it’s ultimately the seller’s choice on how to handle a multiple offer situation.
Highest and Best - we give all of the agents who have submitted an offer for their buyers notice that there’s a specific date and time in which they need to submit their highest and best offer.
Pick One Offer – you can review all of the offers received and counter the offer you like best.
Narrowing Down Offers – you can narrow your choices down to two offers and pit them against each other.
Working with an agent who has experience with multiple offers is the best route to take. It’s tough on buyers and their agents to be competing with other offers and having an agent who handles the situation professionally is a must. A backup offer could be taken in case the first offer falls through and it’s imperative the listing agent treat the buyer agents with respect; communication is key. If you need to come back to them later and ask if their buyer is still interested you want the lines of communication to be wide open.
Bottom line, there’s no right or wrong when selecting the best offer. Cash is often referred to as king but, that’s not the case for all sellers. For some sellers it’s about working with a buyer who is planning to live in the home for years or start a family there. There’s no requirement for a seller to work with the highest offer. It’s their decision to work with whatever offer they feel is the best. We do often recommend a highest and best deadline but, that’s not right for all of our sellers and we work with their unique needs to take the path that’s best for them.