Dealing with Multiple Offers on Your Home
With a hot housing market many sellers are faced with the issue of having multiple offers on their home. Now, this isn’t exactly a bad thing, but can it be challenging to navigate if you don’t know what to expect in the process!
Expect Multiple Offers in the Guelph and GTA Real Estate Markets
As a Real Estate Agent, dealing with multiple offers and working with sellers in this market is a daily priority. Whether you are selling in Guelph or in the Greater Toronto Area, there are no shortages of offers and bidding wars are common practice. As a seller, you will be presented with numerous offers from buyers that range from below asking price, and more commonly above your asking price. But how will you decide what offer is best for you?
Types of Offers
After your Real Estate Agent presents you with buyers’ offers, you will want to take a look at them and decide which offer you want to accept, or if you want to counteroffer.
Ideally, an offer you accept will not have any additional conditions, and will make closing the sale as simple as picking a number that is comfortable for you. But sometimes, offers can come with conditions (things the buyers want done before purchase). If you are looking at offers with conditions, be sure you are able to meet these. If you cannot, it’s a good idea to revisit the offers you have been presented with and choose one that is manageable and legally sound.
Renegotiating and Counteroffers
In a situation where you are seeing multiple offers, but not in the range you want, you can also decide to counteroffer and see what buyers will re-bid. This situation is not likely to happen in this market, as buyers are typically putting in their absolute best price to get your house. But should this happen, the re-bid will be the maximum your buyers are willing to spend. At this point, it is best to accept one of these offers rather than giving yet another counteroffer.
The Final Sale
After looking at your options, it comes down to you and your Real Estate Agent to decide what would be a fair price, or what makes you the most comfortable to accept while legally meeting your expectations as a seller. Don’t race to close on a deal, but ideally, take no more than a day or two to respond. And always make sure you are getting the paperwork for any offer or negotiation.
You, as a seller, are in control of accepting offers and negotiating offers in this market, and an experienced Real Estate Agent will be your perfect guide.