As the real estate market gets busier in the Spring, the chances that your home will end up with multiple buyer contracts skyrockets. Knowing how to handle this situation correctly can make sure you end up with more money in your pocket without all the stress.
Why A Multiple Contract Situation Is Good
As a seller, when buyers compete, you usually win. Multiple buyers wanting your house means that they are much more likely to pay a premium for your listing. You have pretty much all the control in this situation and can accept any offers or counter to try and get more value.
Look Beyond The Dollar Amounts
It's easy to focus on who's offering the most money, but that’s not the only factor you should be looking at. If two offers are close, then choosing the most qualified buyer is often the best choice. Even if they are offering a little less money, the headaches a very qualified buyer can save you is worth it.
The last thing you want is to accept a contract and then have the deal fall apart before closing. This will leave you without momentum and it may be a little while before another buyer comes knocking.
Rely On Your Realtor’s Expertise
Multiple contact situations rely on quick but measured actions. Waiting to long to respond can mean losing a buyer. Making the wrong decision can result in losing all buyers or even a lawsuit.
Having a realtor with experience in these situations is vital. They can give you the advice needed to move quickly and do most of the leg work for you. Listening to their advice and running with a proven game plan will help you come out in a much more favorable position.
If you get multiple contacts, then be excited! Just understand that you need to be mindful of the way you handle the situation. Look for the real value, be quick, rely on trusted expertise and you should walk away with a home sale you can be happy about!