How to handle multiple offers when selling your home!

Overwhelmed with all the things that come up when selling your home? Sure! It would be weird if you weren't overwhelmed! This weeks 411 deals with what do when getting multiple offers when selling your home. Obviously there are many different circumstances that could change the end result, but overall, it can be a great problem to have when trying to sell your home. 

Multiple offers usually happen when a home that has been priced correctly is in a very popular neighborhood that is low on inventory. These are the kind of neighborhoods that once people move into they don't typically move out! As always location is key in real estate. So know ahead of time if your neighborhood is one of the areas on the market that are considered "hot" right now. Your realtor should be able to advise on local market conditions that greatly affect your comps in your specific neighborhood. 

The first thing to consider is how many offers are on the table. The last thing you want to do is create a bidding war that makes your buyers angry and retract from the deal because of poor negotiations. For instance, two offers should be approached differently than four offers. Don't get greedy and chase them all away with ridiculous negotiations. Once you know how many the first thing your agent should do is make all buyers aware that there are  multiple offers and how many. This will allow your agent to negotiate on your behalf to have buyers bring the best and final offer to the table. 

Once you have recieved all offers sit down with your agent and discuss all pros and cons to each individual offer. Look closely at the details such as; the amount of closing costs assistance requested, closing dates, contingency agreements, home warranties and items transferred with the home. These all have a huge impact on your bottom dollar net at closing when selling your home. 

Other things to consider when dealing with multiple offers is the type of loan your buyers have. Remember cash is king and conventional loans do not have as many requirements for the loan as your FHA or VA loan would have. Most FHA loans are going to require certain items be repaired before closing and depending on the age of your home those items can add up quickly. VA loans are similar in regards to the repairs and must also meet certain guidelines in regards to the value of the home once appraised. 

Your best option is to work with your experienced realtor and use thier guidance when making a final decision. Once you make the decision be confiedent in your choice and get ready for inspections. Be open to meeting your buyers in the middle and once your option period is over it is time to start packing! 

Good luck selling your home and check us out weekly with the 411 of market news and matters for home buying and selling! Subscribe to my YouTube channel for more tips and tricks and thank you for checking us out!