Here’s how to handle multiple offers: Begin by letting each Buyer know that you are about to receive more than one offer. Next, set a deadline and ask each Buyer to submit their highest and best offer to you in writing. Make sure each Buyer is aware of the deadline date and ask each Buyer to include a copy of their mortgage pre-qualification.
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Multiple offers often happen in a seller’s market when competition for residential property is greatest and there are more buyers than there are properties for sale. However, it can occur in any market and especially for properties within an affordable price range.
Review buyer ‘extras’. Getting multiple offers when you sell your home can be exciting. But by considering all parts of the offers, including price, contingencies and ability to close, you can successfully handle multiple offers on your house and sign the best contract.
How should you handle multiple counter offers with multiple offers? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
Sellers have several ways to deal with multiple offers. Sellers can accept the "best" offer; they can inform all potential purchasers that other offers are "on the table"; they can "counter" one offer while putting the other offers to the side awaiting a decision on the counter-offer; or they can "counter" one offer and reject the others.
Multiple offers can be challenging, but if you will follow the simple guidelines above, you may be surprised how often you’re taking a closed transaction check to the bank. These suggestions just scrape the surface of the possibilities that multiple offer situations can offer.
multiple offers: the seller, the buyer & you! The following material was prepared by William Johnston for OREA’s continuing education program and is reprinted with permission of the author and the Ontario Real Estate Association.
“Make sure you’re solidly pre-approved” for a mortgage. seller accepts your offer. Make sure all other terms in your offer, such as the closing date are flexible, Whelan says, and let the seller.