Options For Handling Multiple Offers
A. Request that the buyer gives you a 24 hour response time for all offers on the MLS. If a good solid offer comes in right away, take it. All other subsequent offers can be held as backup offers.
B. Request that the buyer allows you a longer response time, allowing you to collect other offers, and then review all offers received at one time.
- You can then pick the “best” offer OR
- Ask all buyers to submit their “highest and best” OR
- Be clear to the buyers and ask for what you want by sending a multiple counter form out to all or some of the buyers with your requested terms (can be tailored to each individual offer) OR
- Counter only one of the offers, hoping the other buyers will still be interested if you don’t come to terms with the first offer
Disclosing Information About Other Offers Received
Another issue that often comes up is the information that you allow to be disclosed to potential buyers about any offers, even verbal, that you have received. As the seller, you are allowed to disclose all of the terms of a contract to other buyers. You will need to decide how much you want to disclose. For example:
- Do you want to disclose the full terms and financing terms of any offers received? Things to consider: Will this push a buyer to make a higher offer, or will that buyer go after a different home?
- Do you want to not disclose the terms and financing details? Things to consider: Will this leave money on the table by not giving an incentive for the new buyer to offer more money?
Dealing with multiple offers can sometimes be tricky, but if you have a clear understanding of how you want to deal with multiple offers it will make the process easier. You can then easily convey to the parties wanting to purchase your home how you will proceed.
