Multiple Offers Received
If you receive multiple offers, you have a few options:
- Accept the best offer
- Inform all potential purchases that you have multiple offers, and invite them to make their “best and final” offer (we will need your written permission (text or email) to disclose to other agents that you have received multiple offers).
- Counter one offer while putting the other offers to the side
- Counter one offer and reject the others
In our experience, the most common choice is to inform all potential purchasers that you have received multiple offers, and invite them to make their “best and final” offers by a set deadline. For example: “Multiple offers received. Highest and best due tonight at 8:00pm.”
Once all offers have been collected, we will create a spreadsheet that breaks down each one. This makes it easy to weigh the pros and cons of the offers.
You can choose to counter on price, but you can also choose to counter on other aspects of the offer that either make sense for your specific situation or help improve the chances of the deal closing. Some common areas of negotiation are:
- Updating to your ideal closing date
- Adding a leaseback
- Increasing the amount of earnest money
- Purchasing “as-is”
- Adding an appraisal gap rider
Our advice is based on our own experiences and is no guarantee about how any particular buyer will act (or react) in a specific situation.
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