Last Updated on June 8, 2021 by Steffi Nell
Getting multiple cash offers when you’re selling your home may seem like the best-case scenario. Suddenly, your home is the popular choice, and everyone wants it. But it could be stressful when choosing the best deal. Here is a narrowed list of what you could do when you get too many cash offers for your house:
Start a Bidding War
When you get multiple offers, it is a chance to start a bidding war. You could tell the other buyers what the highest offer is so that you could invite them to top that offer. Another way to do it is to simply tell them that there is a higher bid, inviting them to step their best foot forward.
Starting a bidding war is excellent when you want your buyers to increase their offers. But sometimes, this technique is too aggressive, which turns buyers off and withdraws. It’s a double-edged sword. You either get a higher bid, or you lose offers.
Bidding wars are usually more effective in competitive areas like in the cities where the buyers are mostly businessmen. This technique is not that effective in small towns where it’s not really in their culture to compete with other offers.
Negotiate for a Better Offer
A simple way to negotiate for a better offer is by countering the highest offer while keeping two or three offers at bay as a backup if the highest offer doesn’t push through. In this way, you get the chance to negotiate to get better terms while having a safety net. It’s best to also give an expiry for your offer, which would push the buyer to decide quickly.
Weed The Offers Out
It could be overwhelming when you have so many offers. The best thing that you could do is to narrow them down. You could go for the easiest and probably the fastest route and just choose the best offer.
The best offer depends on you. Ask yourself what your priority is. Is it selling your home for money, or is it selling it right away? Sometimes the highest offer doesn’t always mean it is the best. For example, the buyer who has the highest bid has to wait for his current home to be sold before they could give you the money. In that case, it may take a while before the deal could be closed. If your priority is just getting out of the house, the best offer may be the one that could close the deal right away. Keep in mind that you are letting go of the chance to negotiate to get better offers when you choose this route.
There is also a safer, convenient and more sure deal like how we buy houses. Cash home buyers buy your house as-is in cold hard cash. With this method, you’d be selling your house right away without needing to do repairs and inspections.
When choosing the best technique, always weigh your options and know your priority. Keep in mind that you have to decide right away since cash offers don’t last for long.