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How to Deal with Multiple Offers on Your House

The housing market is competitive. If you have a good home offered for a fair price and list it properly, then you may receive multiple offers on your house. Of course, this is a good thing, but handling multiple offers is not always an easy thing to do. This review discusses how you can handle the process when you receive multiple offers for your listing. 

Dealing with multiple offers for your listing

Every home sale is unique. While you may have multiple offers, it is important to assess the quality of each offer. If you have multiple qualified offers, then there are certain steps you should (and must) take to ensure the process goes smoothly without breaking any regulations and securing the best possible sale price for your home. 

Review all of the offers

The first step you should take is to review all of the offers you have received. In some cases, none of them may be acceptable and you may need to reject all of them. There may be just one offer that stands out above all of the rest, in which case accepting it immediately may be the best solution. You may decide to throw out some lower offers and only keep certain ones. However, if there are two offers that are competitive, then you can follow the process below to conduct a legal, fair and moral bidding war. 

Understand the local regulations

Some areas do not allow the seller to disclose the amount or details involved with other offers. Even if it is not against regulations to tell how much the competing offers are, it may not be the most ethical practice. In addition, it is often more rewarding to simply request that prospective buyers submit their best offer possible, rather than disclosing the highest offer price and having them match or exceed it by a little. 

Establish guidelines for counter offers

Organization is key when dealing with multiple offers on your house. Have strict guidelines on the counteroffer process and review one at a time. Ensure that there are deadlines for counter offers as well and stick to the deadlines the best you can. This provides structure to the process and lets bidders know what to expect.

Use the right wording for backup offers

It is important to enusre that backup offers know they are backup offers; the last thing you want is for two bidders to think their offer has been accepted. Be sure to clearly state in writing that the acceptance of the offer is conditional based on the collapse of the primary accepted offer. 

Final thoughts: ask all interested to make their best offer

Our recommendation is to reject any offers that are not up to par and have the qualifying offers resubmit their best offer. Let them know that there are multiple offers, and you intend to accept the best one after resubmission. However, as discussed, there are several different ways in which you can handle multiple offers for your home.

EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.

EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129

(615) 896-5656

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