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How to Handle Multiple Offers

When properties are newly listed and favorably priced, they often create high demand. In some cases, Sellers may receive more than one offer at a time. If this happens, what should a buyer do?

You should remain in contact with the Seller and listen closely to their instructions. You may even want to go back to the property for a second viewing to make sure the property entirely suits your needs. Taking a second look will give you another chance to talk with the Seller and view their property in greater detail.

Sellers, too, want to exercise good judgment, so be careful what you say and do. Have your pre-qualification letter available for the Seller’s review. When preparing your contract offer, try to eliminate as many unnecessary contingencies as possible, without being foolish.

In most cases, when there is more than one offer, a Seller will ask each Buyer to present their highest and best offer. If this situation occurs, make sure the property best suits your needs, and make sure you make your best offer - because you probably won’t get a second chance! Make an offer that you are comfortable with based on your needs and financial ability.

When a Seller asks you to make your “Highest and Best” offer, put forth your best effort. Make the Seller feel comfortable with you and make certain the Seller realizes how determined you are to purchase their property. But, don’t go overboard or become too emotional - this can make a Seller feel uneasy. Back up your contract offer with good terms - terms you can afford to offer! Put down a sizeable earnest money deposit with your offer. Find out what is important to the Seller and be reasonable with your expectations. Make reasonable concessions, if necessary. Ask the Seller:

When would you prefer to close on your property?
Is there anything we could do to make the sale easier for you?

Showing consideration to the Seller may sway the Seller to take your offer! However, no matter what decision the Seller makes, take the Seller’s decision in stride. Never underestimate a Seller’s decision, for there is a reason for everything. If your offer is accepted, be prepared to carry out the terms of your contract. If you are the losing offer, get over it and begin looking at other properties. Consider making your offer a back-up offer.