Too much of a good thing, like several offers on your home at once, can bring on a panic attack. Actually, if you’ve got your home in top selling condition and it’s a good market, the chances are good that you can end up with several offers at the same time. Should you be so lucky, here’s how you handle this situation:
- Have your realtor inform all parties that there are x number of offers on the property. If you’re selling the home on your own, then you’ll be informing all interested parties that you’ll be looking at all offers at a certain time.
- If you’re working with an agent, the agent’s office would be a neutral place to meet with the buyers’ agents and go over the offers. When you’re selling your home yourself, then have the buyers drop their offers off to you by the deadline.
- Go over the offers and pick out the best one. If it’s a keeper, sign it. If not, counter it with a time limit for the buyer’s acceptance. Next, take the second best offer and also counter it. But, write in that offer _2 is a backup offer and will kick in if offer _1 rejects your counter. It also has a time limit if it kicks in. Offer _3 and any other offers are handled in the same way.
- If the first counter offer accepts, you’ve got the home sold on your terms. If the buyers of the first counter say no, then the second counter offer gets an opportunity to accept or reject and so on down the line. With this approach, all parties are treated fairly, and you end up with the best offer possible with the least amount of brain damage.
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