Here’s how we handled a recent multiple-offer situation for our seller.
One of my New Cumberland listings recently received a whopping 16 offers, which is a new record for our team. How did we do it? Today I’ll share our method for handling this multiple-offer situation.
We held an open house for the property on a Friday and Saturday and had a few more showings on Sunday. We let the buyers’ agents know what terms our seller was looking for, which spurred the buyers to submit their highest and best offers by Sunday evening.
Our seller got multiple offers with appraisal gaps, waived inspections, additional funds for transfer taxes, and even some offer to pay the commission. We combed through each offer carefully and eliminated the ones that didn’t make sense for the seller’s situation. Eventually, we pared the options down to just three of the best offers, and the seller chose the offer that included the buyer paying the transfer tax and the agent commission. That helped save the seller about 3.5% on the sales side, on top of a $14,000 appraisal gap.
Corralling the buyers to give us their most competitive offers was our tactic, but there are many ways to approach a multiple-offer situation. If you have any questions about dealing with multiple offers or would like more tips on how to take advantage of today’s market, give us a call or send us an email. We’d love to help you.