Tips To Receive Multiple Offers And How To Handle It When You Do

A shortage of available homes on the market has often been a problem over the past few years in Eastern Pennsylvania.  It’s not just our market that is seeing this trend, but many other markets across the United States are suffering from low housing inventory.

Supply is low and demand is high. It’s not uncommon that we see a new listing hit the market, and immediately there are multiple buyers submitting offers on it.  If you are selling a home in today’s real estate market you don’t want to get burned and we are here to help you with a few tips. The last thing you want to have happen is to accept the first offer and later there is an issue while in escrow and the deal falls through only for the home to be put back on the market again.  Not only could you the seller have lost money, it is a hassle and the whole home selling process drags out for a longer period of time. To avoid this from happening, don’t just accept an offer based off price alone. Look closely at the terms in the offer as well.

If as a seller you want top dollar, then you are more than likely expecting multiple offers during the first month your home is on the market.  It is always a good idea to have your real estate agent add to the remarks on your property how long your home will be open for viewing and what period of time you will be accepting offers. A set period of time allows all buyers and their agents a chance to view it.  A set time frame also allows everyone a chance to view the home while keeping a sense of urgency to get offers in. This will help you potentially receive multiple offers and top dollar while allowing all buyers in the market a chance to view it.

All prospective home buyers should be made aware that they need to write a competitive offer. After you receive multiple offers, don’t be afraid to counter offer.  It may take a day or two longer, but why not wait and find out what each buyer’s best price and terms truly are? After you find out who is presenting you with the best offer, don’t forget to find the second-best offer and use it as a “back-up” offer in case your first offer falls through.

Finally, the terms of a contract are very important and should be considered just as much as the price offered on the home.  If there is an offer that is free of contingencies that leaves you the seller with a more solid deal.  A buyer may be offering you $5,000 over asking, but if the home doesn’t appraise for that it could cause problems. Many time appraisers don’t  put the same value on things that buyers do.  For this reason, take a hard look at those offers that are free of contingencies. A potential buyer with contingencies could tie up your property for months only to come back and try to offer you less if the home doesn’t appraise as high as the offer.

If you are looking to sell a home in Eastern Pennsylvania The Silva Group would love to help. We are comprised of the Philadelphia area’s best and brightest in the real estate industry. It would be our pleasure to help you buy or sell a home. Contact us at any time or feel free to call us directly at (267) 202-7400.