Welcome to Part II of Bidding Wars! Last month, we took a look at the buyer’s perspective in the bidding war process (check it out here), but this month, we’re turning the tables and looking at what it means to be a seller in the situation.
I have experience on both ends of the bidding war scenario. I’ve helped buyers edge out the competition to purchase the home they are interested in and I’ve also helped sellers negotiate which offer is the best offer to accept. There’s a lot of negotiation on either end of a bidding war and you want to make sure that when it comes to a multiple offer situation, you have the right people in your corner. Together, we’ll not only get the deal done, but we’ll make sure that it’s the best deal possible.
Last month, we touched on the subject of bidding wars, or what agents formally call “multiple offer situations.” A multiple offer situation is when there is more than one interested party making an offer on your property. While the thought of having more than one offer on your property is very exciting as a seller, it’s important to have a good sense of all of your options and to strategize accordingly.
This is where an experienced real estate agent comes in. Sure, you are the owner and seller of the property, but your agent is working hard on your behalf to facilitate the situation and ensure you get the best deal for you. They need to be super organized, know the rules (and play by them!) and maintain open communication throughout the entire process. There’s also typically a time crunch on responding to offers, which only gets more complicated when there is more than one offer on the table.
Sometimes, sellers take advantage of the fact of having more than one offer and try to play the buyers off each other, but this can turn some buyers away. The last thing you want is to have three offers on the table and not end up with any! Just because you have more than one offer on the table doesn’t guarantee that your house is sold. It ain’t sold until the sticker is on the sign. Better yet, it ain't sold until the buyers have the keys in hand and you're already house hunting for your next property. The main thing to keep in mind as a seller in a multiple offer situation is to treat each offer with respect and timely attention. Keep your eye on the price (getting your house sold) and don't get distracted by the excitement of having more than one offer. Stick to this and you’ll be sure to end up with a great deal.
Have the idea of a multiple offer situation piqued your interest? Ready to get your property listed? Get in touch with me to schedule your free home evaluation, the first step to getting your property listed...and sold. Click here for more information on the home evaluation process.
Thanks for reading!