SELLERS: Make Sure You Pick the Best Offer When You Receive Multiple

Your dream scenario is playing out as a seller! Buyers love your home and you’ve got several offers.  Juggling multiple offers requires some strategy and diligence so you do end up choosing what’s right for you. And, sometimes, it’s not all about the money offered … really!Your dream scenario is playing out as a seller! Buyers love your home and you’ve got several offers.But how do you know you’ll select the “best” one?  The one that will actually go on to settlement with little hassle along the way.Juggling multiple offers requires some strategy and diligence so you do end up choosing what’s right for you. And, sometimes, it’s not all about the money offered … really!Dealing with several negotiations from different sides can be stressful if you don’t know how to handle the situation. Keep these tactics in mind so you can sell your home and still be happy with the process and final outcome.Know Your Deal BreakersFirst and foremost, you need to decide where you’re willing to be flexible and where you don’t want to budge. This will help you keep the review process moving in a timely manner so you can easily eliminate offers that don’t meet your requirements.Do this even before you put out that “For Sale” sign! If you evaluate your wants and needs as a seller early on, you’ll be better prepared for multiple offers and different scenarios.Negotiating with more than one buyer can be hectic for sellers, and not truly knowing where you (including your partner or spouse) stand on certain terms can only add to any stress and uncertainty.Keep in mind, offers are like a package of items and are not always simple and straightforward. You need to look at the complete picture and all its tangents to see if it is the “best” one for you. For example:

• Price: If price is very important, are you willing to accept a higher offer even if there are contingencies that you don’t like?

• Timing: Do you want the closing date to be sooner since you need to move to a new home you’ve already bought?  Are you willing to take a lower offer if this can happen?

• Terms: Are you willing to take less on the price, to get an all cash offer or stronger terms otherwise?

Don’t Be Swayed By Price OnlyDon’t assume the highest offer is the best offer. Really evaluate each buyer’s entire financial package. There are several factors that can improve a lower offer and guarantee you’ll make it to closing and be satisfied:

• A higher down payment with less financing, or all cash down, signals a buyer is financially ready to buy with little hassle so you can move forward on the deal.

• Look at the loan type of each buyer, since FHA loans can sometimes slow things down compared to conventional loans if timing is critical for you.

• Buyers who offer a higher earnest money deposit mean business and you’ll have no worries that they will walk away.

• Definitely consider buyers who are willing to waive any contingencies or seem willing to work with you on certain terms. No strings attached can be a big plus, even if the price is lower!

• Ask for a financial information statement.  You should evaluate the financial strength of each buyer.  By seeing their financial pros and cons, you’ll get a more complete of what they can truly afford.

Don’t Be a BullyDon’t be hardnosed, don’t mislead, don’t stall, and don’t show a lack of appreciation during the negotiation period before you decide on an offer. It all comes down to “playing nice” while still using smart negotiation tactics to sell your home.Most importantly, disclose the same information to all of the buyers and give them the same deadlines. Buyers can walk away and decide they don’t want your home if you seem difficult, are not forthright, or keep changing things.Remember, your overall demeanor could backfire when you’re down to the one party and you still need to work with each other to complete the transaction.Be Sensible with Personal MattersWith multiple buyers vying for your home, you should expect each one will write a letter.  They might even send photos showing that they are the perfect buyers who will love your home just as much as you.Here’s their chance to stand apart from the competition and tug at your emotions as you decide on their offer. Reading these personal appeals could either make your decision easier or much, much harder.You usually want to make selling your home a straightforward business transaction and not get mixed up in emotions.  However, selling a home you love IS emotional and very personal, so tread lightly here and keep it all in perspective.The more you know about a particular buyer, the harder it may be to disappointment them (and their cute children!).You should be thrilled you have multiple offers on your home! But, as you can see, it takes some finesse and tactics on your part to make sure you make the right choice for your situation and for your home.