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In many of today's stronger real estate markets, home sellers may receive multiple offers for their home. Multiple offers are a classic example of economic realities because they appear when the supply of homes for sale is limited and the demand for good-condition homes is strong. Sellers love multiple offers because they push up home prices and create an opportunity to spark a bidding war. Solid Approach Realty Services real estate agents are experienced in knowing how to respond to multiple offers and will help you get the best price and terms for the sale of your home.
How can I make sure my home will attract multiple offers?
Hit the market at the right price and, assuming your home is in good condition, multiple offers may come in.
Do I have to accept the offer with the highest price?
No. If you prefer a lower-priced offer, perhaps with a better qualified buyer or more attractive terms, you can accept that offer instead. Or you can give counteroffers to one or more of the buyers.
One of the buyers is from the same real estate brokerage company as my real estate agent. Should I give extra consideration to this "in-house" offer?
No. All offers should be evaluated equally based on the net price and terms.
Can I counter more than one offer?
Yes. However, if you accidentally accept more than one offer you could be legally obligated to sell your home to two buyers. For safety's sake, let your Solid Approach Realty Services real estate agent guide you through this process
Can I back out of the sale with buyer A and accept a new higher offer from buyer B that my real estate agent just received?
Trying to back out of a contract is extremely unwise because an accepted purchase offer is a legal contract and the buyer can take action to enforce it. You may be able to accept a “Back Up Offer” and your Solid Approach Realty Services real estate agent will be happy to explain this option.
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