How Do I Navigate A Multiple Offer Situation?

MULTIPLE OFFERSI am selling my condo and in a multiple offer situation.

It’s not just the buyers that need a strategy while your house is on the market. You’ve had it cleaned, staged and beautiful pictures taken. You’ve priced strategically. The listing is live and an open house planned for the upcoming Sunday.

The agent calls to tell you that their phone is ringing off the hook with inquiries about the condo. The scheduled open house runs over because so many people come to see the condo. Several agents indicate they will be presenting an offer. This scenario is playing out more and more often in the tight Boston condo market.

So as the seller what should you do? What is your strategy?

Work with your agent to set a reasonable deadline. Not everyone will be able to attend the open house. Give those people time to see the condo as well. Plan to meet in person with your agent shortly after the deadline to review the offers. Your agent will have already gone through the offers and should be able to present to you in a logical way.

It’s not just about price although getting top dollar is one of the goals.

You will also want to look at the terms.

Is there a specific date you need to make your move work? What type of downpayment or financing is the buyer using? Does someone have cash? Once reviewing the offers your agent should be able to assist you in your next move.

1. Accept the best offer that also meets your terms– is there an offer in the group that offers everything you want. Accept it!

2. Ask for best and finals– see if any of the lower offers come up. Sometimes there’s a sleeper in the group.

3. Counter the best offers only– pick 2 or 3 that closely meet your needs and ask for what you want or for their best and finals.

4. If you have one offer that meets your needs in every way but price ask for the price. Instruct your agent to let them know that if they meet the price you will choose their offer.

Talk to Susan Doig directly about your real estate questions.

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