6 Sep 2013

How To Get The Most In A Multiple Offer Situation

multiple offersThe real estate market is sizzling. You’ve done your research and have put your home on the market and voila – your hard work pays off as multiple offers come rolling in. But what to do with your abundance of good fortune?

Your Allen Tate Realtor® will lead the process and handle the finer points of negotiating. However, a little homework and understanding of negotiating etiquette can help ensure you avoid landmines and keep the advantage.

Before you even list your home, it may be wise to order your own home inspection. That way you are aware of work that might need to be done and can decide whether you want to make the repairs or reduce your asking price accordingly.

When the offers start rolling in, watch what and how much you say to others. It may seem like a good thing to let prospective bidders know if you’re expecting other bids. It can motivate them to put in their best offer. But be careful not to release confidential information as you don’t want lawsuits from people who feel their privacy was violated!

Also, don’t mislead buyers whose offers you aren’t considering in an attempt to increase competitive bids. This bad etiquette could cause hard-working agents to not show your house as often if they think you aren’t being honest about your interest.

If you are a buyer who is competing with multiple offers, offer the highest price you feel comfortable paying. Getting preapproved for your mortgage, not just prequalified, can help as can making as large a down payment as possible that fits within your budget.

A multiple-offer situation can be exciting and stressful, and with the right guidance you can make it work for you.

 

Phyllis Brookshire (Senior Vice President)
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