If your home is up for sale and the market is really hot, you might end up receiving multiple offers for your house all at once. While this is a great place to be as a homeowner who wants to sell, it can also be difficult to know how to handle the multiple offers you receive. If you are currently going through this or expect to be soon, here are some tips to help you know how to respond to these offers.
Compare them thoroughly
First of all, you should compare the offers you receive very thoroughly, and this does not just mean comparing the price of each. The offer prices matter, of course, but this is not the only feature of an offer you must look at. You also need to look at the contingencies of each offer, which are basically conditions of the offers. For example, some might ask you to pay for closing costs on the loan. Other conditions might include requests to get home inspections. Comparing every detail about each offer is not as easy to do as you might think, but your agent can help you.
You could accept one and reject the rest
If one offer really stands out against all the others, you could decide to accept that offer. With the other offers, you could either not respond to them or you could simply reject them because you are accepting another offer. You should make sure that the offer you are accepting is likely to go through, though, as you would not want to lose out on the deal by choosing a buyer that will not end up being able to qualify for a loan.
You could tell the bidders about the other offers
One other option you have if you receive multiple offers is to tell all the bidders that you have received multiple offers and that you are asking them to make sure they put in their best offer as you will be deciding on which one to accept within the next few days. If other buyers really want your house, they might change their original offers to make them better than before and you might end up receiving more for your house by doing this.
Having a good real estate agent assisting you with selling your house will also make this a little easier, as your agent can help you decide how to respond to these offers.
For more information, contact a residential home selling agent like Joel Robertson: Robertson Real Estate.