Since we deal with both buyers and sellers, we see a lot of multiple offers at our brokerage.
Multiple offers come with their own unique set of issues on both sides of the transaction, which is something we’ve seen firsthand.
Sellers, for example, might have a hard time knowing which to choose when they receive multiple offers. Price isn’t the only factor to consider when looking at all the different offers on the table, but it should be the first thing you look at.
That said, the highest price isn’t always the best offer. Sometimes you’ll need to weigh your options. For instance, a buyer who offers cash but offers to pay slightly less than the highest offer may still be a strong choice.
With a cash offer, you wouldn’t need to worry about the mortgage approval or appraisal.
“If you’re a buyer, multiple offer situations are more likely to be a sure thing.”
There are other factors to be considered, as well. For example, a flexible buyer who is willing to let you lease the property while you finish your own moving process may be the strongest offer for your situation.
If you’re a buyer, multiple offer situations are likely more of a sure thing. In today’s competitive market, there’s a strong chance you’ll need to find ways to make yourself stand out against other offers.
There are a few ways you can do this. Putting down a lot of earnest money, making a high down payment, making the highest offer possible, and making the terms easy for the seller are all things that will make your offer more attractive.
Also, when you work with an agent who has a good reputation, you’ll find that the seller’s listing agent will be more likely to recommend your offer to their client.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.