Negotiating Multiple Offers for Your House

In our highly desirable housing market in and around Bucks County, PA, it is very common for a beautiful home to receive multiple purchase offers, and sometimes very quickly after the house has been listed. In this rapid, often frenzied pace, sellers can sometimes be unsure if they are getting the best terms of sale and may feel overwhelmed and afraid to make a bad choice.

You need an expert negotiator to evaluate all your options with you. In my experience as an attorney, I have developed expert negotiating skills that I will put to use for you, working with buyers’ agents to guarantee that you are getting the best price with the best terms.

What to look for in offers

When you are evaluating offers, keep in mind several important factors. As your selling agent, I will review every offer with you, considering these factors, so that you can make an educated decision about what your next step should be. These factors are:

Buyer’s financials: If the buyer is pre-approved for a mortgage at the necessary level, you may be confident that the buyer will have the funds to complete the sale. It is not a guarantee, because the lending business is complex. However, it is a very good sign. Some buyers may offer a larger down payment or may offer to pay cash, which makes the offer even more attractive.
Contingencies: Buyers may include clauses making the sale contingent upon some other factor. These factors might include home inspection, independent appraisal, or the sale of their own home. The fewer contingencies, the better. For instance, a buyer who is willing to waive inspections or appraisals is making an attractive offer.
Timeframe: If you have a specific timeframe for selling your home, ensure your timing matches your potential buyer’s. If you do not want to move out immediately, you may be more attracted to a buyer who has a flexible timeframe or is willing to offer a rent-back option to give you time to move into your own next home.
Escalation clause: Some offers will already include the willingness to increase the bid automatically if another buyer increases theirs. This indicates a very serious buyer who is sincerely interested in buying your house.

Responding to multiple offers

When you get multiple offers, you have several options:

Accept the best offer that is given. You don’t have to let buyers know that there are multiple offers. If you like one offer, you can take it.
Let buyers know that there are several buyers bidding, in the hopes that the most serious buyers will adjust their bids to be more favorable.
Make a counteroffer to one buyer and reject the others. This may include suggesting a better price or down payment, different contingencies, or a more favorable time frame.
Make a counteroffer to one but keep the other offers as backup options.

In my experience, informing buyers with the strongest offers that you have other offers can help you determine who is most interested and who is willing to offer you the very best terms to meet your goals. Price isn’t always the most important factor. The amount of up-front cash, the number of contingencies, and a timeframe that matches your needs should also be weighed along with the selling price.

As an expert negotiator, I have the skills and experience you need to help you sell your house for the best terms possible. Contact me today and let’s talk about selling your home.