How to be a Seller in a Market with Multiple Offer Potential
January 5th, 2015
First the good news: the market is hot right now in a lot of areas! The challenging news? It can be quite an emotional roller coaster ride as a seller. Here is some advice (and advanced warnings) as to what to expect:
1. You may get multiple showings the first day. Have a plan in place to be out of the house all day….just in case.
2. Bear with all of the potential showing appointment changes as agents and buyers try to work out times in their schedules to see the home. Trying to get all interested parties to a house on short notice can cause a bit of mayhem!
3. Offers can take longer to receive than you may think and/or are told. Some buyers are ready and have their ducks in a row and others may need to call their bank for the preapproval letter or maybe it’s their first time writing an offer and it may take several hours to go through the process.
4. When the offers start pouring in, your listing agent can help you decide to wait, or not, on more potential offers or to work with what you have.
5. Which offer to choose to negotiate first can be difficult. It may be tempting to look at just the price but it’s important to look at other factors as well. These factors can include the closing date, the due diligence date, due diligence amount, earnest money amount, type of loan, personal property requested, and anything about the offeror’s motivations (if that can be determined).
6. Once you are under contract, ask your agent to encourage back-up offers. Having a back-up offer gives you leverage in continued negotiations with current buyer.
7. Buyers can, and do, back out of contracts. There is so much pressure on them to jump on good houses the day they come on the market that they may not have had sufficient time to think through the pros and cons of a house. The good news is that you’ve still got a hot house and there are other buyers.
The new year is here and if you need help getting your house to the market soon (sooner than the competition!) drop The Mission Possible Team a line, anytime.