If you decided to price your property well, you will know it by the immediate requests for showings, and/or a busy open house. The best advice for this situation is to capitalize early.
The buyers that request an immediate showing are the most active in the market. They have been researching all the new activity and have already seen multiple other homes, which makes it easier for them to pinpoint a good property when it becomes active. These are the buyers that have submitted offers on other properties and have lost out. Now, add this to other buyers in the same situation, you have a multiple offer situation – meaning more money for you.
Receiving Multiple Offers
If you do receive inquiries and offers from multiple buyers, it is best to review them all at once so you have more leverage and control over the process. Otherwise, you will risk a certain strategic way of negotiating. Your agent will go into detail on the difference between a counter offer and multiple counter offers.
When we will deal with multiple counter offers and submit them all at once, we make it a point to ask for “best and final offer, which places a heavy weight on the most interested buyers by forcing them to offer their absolute best price before a certain date. Buyers know this will be their final chance to get the property so they tend to offer more knowing they are competing with other buyers.
Other things to add to the counter offer:
- Ask for a shorter contingency period.
- Shorter escrow
- Proof of funds
- Appraisal to be ordered within five days.
- No appraisal contingency
- Buyer pays for some of the miscellaneous closing costs.