Q: How Do You Handle a Multiple-Offer Situation?
If you get multiple offers for your home, here’s how to pick the best one.
As a seller, how do you handle receiving multiple offers on your home? If your home is in great showing condition and priced properly, you’ll likely receive multiple offers for it after you list it, especially in this market. Due to an influx of buyers and lack of inventory, multiple-offer situations are common in Monmouth County. This is a great position to be in as a seller because it allows you to leverage a higher price and more desirable terms and conditions. However, you and your Realtor still need to navigate this situation cautiously and correctly.
Watch the video above in its entirety to learn my method of handling a multiple-offer situation. I’ve also provided timestamps so you can skip to various sections at your leisure:
1:52—Ask each listing agent to provide their highest and best offer by a specific date and time, then review them
2:29—Why the terms and conditions of an offer need to be weighed along with price
3:57—Consider each buyer’s financing
4:23—Keep in mind how an appraisal can impact a transaction
5:15—For cash offers, request proof of funds
6:00—Wrapping things up
As always, if you have questions about this or any real estate topic or are thinking of buying a home soon, don’t hesitate to reach out to me. I’m happy to help.