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How to Deal with Multiple Offers when Selling Your Home Depending on how you want to sell your home, sellers now have three -not just two alternative options. 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. In all these three ways of selling your house, the homeowner also has the prerogative of offering his home to multiple buyers so that price offers can be matches to as many interested buyer 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. With multiple buyers, it is known to have a 50% fallout rate while with a single buyer there is only a 10% fall out rate. This is due to the fact that buyers would initially be very aggressive to come up with a higher bid, but when emotions settle down half of these bidders will realize that they have overbid and they start to begin putting off the deal altogether. There is still a way to prevent this fallout or to minimize it so your chances of success in handling multiple offers is improved. Having a manager present is the best way to handle the situation. If you are to sell it to an agent, there may be a variations on their policy but whatever, it is still best that a manager is present to act as third party. You can discuss conditions with the manager and the agent, while the manager supervises the multiple offer process.
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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. In this way, managers can study the interest of multiple buyers together with their ceiling price. This also increase the probability that your deal will actually close.
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If there are counter offers which you are not interested in and they you receive a new offer from the same buyer which is a better offer, then best to put off the new offer until the first one expires. This is the kind of work that a manager can help you with. If you want the best offer from multiple buyers, then a manager can help you in all the processes.