Getting Multiple Offers in Selling Your Home Today, homeowners have three options in selling their homes. You can sell your home the traditional way through a real estate agent, FSBO or For Sale by Owner, or sell it to a ash buyer, and these are the three ways of selling your house today. Today, homeowners have another prerogative and that is to offer their house for sale to multiple buyers, in order to try to get the best price offer for the house. Thus garnering an advantage when contending buyers who are engaged in a competitive bid want to sell-off one another. “Prerogative”I say because while the seller may think that receiving multiple offers extends the sellers bargaining chips, it actually presents some disadvantages. 50% of buyers fall out when there are multiple buyers compared to a single buyer which only has a 10% fallout rate. This is due to the fact that buyers would initially be very aggressive to come up with a higher bid, but when emotions settle down half of these bidders will realize that they have overbid and they start to begin putting off the deal altogether. But, there is still a way to minimize fallout and improve your chances of success in handling multiple offers. The best way to handle it is to have a manager present. In a situation where your option is to sell it through an agent, there may be variation on their policy but just the same, it is still a good exercise to request a manager or one who acts as third party to be present. You can discuss conditions with the manager and the agent, while the manager supervises the multiple offer process.
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While you are not legally bound to keep secret the offers of the contenting buyers, it is just unethical if you do so. When the bidding is over and the price is out, there can be regrets with bidders and in order to avoid fallout, the manager will ask them to bring back their best offers. You can use this as a leverage since managers will then study the interest of multiple buyers with their ceiling price. with this the probability of closing the deal will be higher.
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If you have counter-offer and is not very interested with it and then receives a new offer from the same buyer that is better than the on which you are negotiating, the best thing to do is to put that newer offer on hold until the later offer expires. with the help of a good manager, you will be able to get the best possible offer on the sale of your house. This process will assure you of getting the best offer for your house.
