It’s no secret that homeowners who are putting their house on the market during this time of low inventory receive many offers almost immediately upon listing their home. While this is great news for sellers, you still want to make sure you select the right offer. So, to help you prepare for this scenario, we put together our top four tips for handling multiple offers on your home.
Prepare with Your Realtor
Knowing the likelihood of a flood of offers, many of which could be well above your asking price, it is best to have a game plan before your listing goes live on the market. “Before you list your house, it’s a good idea to make a list of your priorities upfront with your real estate agent, which will help you determine the right offer depending on the factors that are most important to you and your individual situation” (Homelight). Priorities for sellers can vary greatly, so mapping them out ahead of time will help you to identify your front runner when it comes to reviewing your offers.
Depending on your timeline to sell and how long you want to wait until closing, you might want to select an offer with fewer contingencies, even if the offer amount is lower. This article from Open Door covers a variety of contingencies, what they entail, and typical costs to expect from them.
Compare All Offers
Create a document with your realtor that compares each offer side-by-side so you can see everything all together. This will make it easier for you to decipher which offer aligns best with the priorities you set with your realtor prior to putting your home on the market. This is also a good time to review any letters you received from potential buyers. Your home has been an incredibly special place for you, so odds are that you want to feel good about the new people moving into it; that they will love it as much as you do.
If you’re ready to get started with your listing, reach out to us today, and we will connect you with a realtor who will help you confidently select the right buyer for your home!