Multiple offers are not uncommon, especially in an active market or in a market with a shortage of homes for sale. As a seller, if multiple offers arise, your REALTOR® will guide you through the process… explaining your options, and reviewing and comparing the offers with you. While price is certainly important, Here are some other things to consider when looking at multiple offers:
- How much earnest money is each buyer offering?
- Has the buyer been pre-approved for a mortgage in writing from their lender?
- Is an offer subject to the sale of another property?
- Is the buyer asking for any additional concessions from you?
- What closing dates or buyer occupancy requirements are being requested?
After reviewing the offers, you’ll need to decide how to respond. You can accept the best offer, counter one offer and reject the others, or counter one offer and put the others on hold as you wait for a decision on the counter offer. Your REALTOR® can offer you guidance, but the final decision on what to do rests with you!
