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How to Deal with Multiple Offers when Selling Your Home While we normally think that there are two options of selling your home, there are actually three options to do it today. You can sell your home the traditional way through a real estate agent, FSBO or For Sale by Owner, or sell it to a ash buyer, and these are the three ways of selling your house today. It is somehow important to note that in all three, another prerogative that a seller has is to offer it to multiple buyers as a means of influencing a matching latitude between as many interested buyers as much as possible. Thus garnering an advantage when contending buyers who are engaged in a competitive bid want to sell-off one another. In this scenario, the seller may think that with the multiple offers, it extends his bargaining chips, yet this is actually more disadvantageous. A 50 percent fallout rate stands out compared to the ten percent fallout rate for properties where there is only one buyer involve. The reason behind this is that buyers would often take on an aggressive posture while being dragged to come up with a higher bid, and then when that imperious emotion settles down, these 50 percent contenders who after realizing that they have overbid starts to have cold feet and begin to put off the deal altogether. However, there is a way to minimize that fallout and improve your chances of success in handling multiple offers. The best way to handle it is to have a manager present. In a situation where your option is to sell it through an agent, there may be variation on their policy but just the same, it is still a good exercise to request a manager or one who acts as third party to be present. So wile the manager supervises the multiple offer process, you, the manager, and the agents can discuss conditions.
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While you are not legally bound to keep secret the offers of the contenting buyers, it is just unethical if you do so. When the bidding is over and the price is out, there can be regrets with bidders and in order to avoid fallout, the manager will ask them to bring back their best offers. You can use this as a leverage since managers will then study the interest of multiple buyers with their ceiling price. This also increase the probability that your deal will actually close.
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If you have counter-offer and is not very interested with it and then receives a new offer from the same buyer that is better than the on which you are negotiating, the best thing to do is to put that newer offer on hold until the later offer expires. with the help of a good manager, you will be able to get the best possible offer on the sale of your house. If you want the best offer from multiple buyers, then a manager can help you in all the processes.