It is not uncommon to receive a lot of offers for any property which is being sold for good and reasonable rates. To buy that home or property there could be dozens of bidders. And subsequently the seller may feel lucky to see the massive response. And most importantly gets the reason to feel fortunate!
Those agents who have read the market well can usually tell in advance if the property which is going to be listed will attract potential bidders or not. In some cases they are seen to be advising the clients about the bidding prices.
If you have a property your agent might suggest you:
- To schedule a limited time period for anyone who is interested in seeing the house
- To tell any bidder to make an offer before Friday evening at 5 p.m.
Now you get a full weekend time to decide whose offer to accept and whose to reject.
Which offer to accept?
It is very natural that you reject the offers which are less than your asking price. But the question is will you accept the highest offer or the offer with fewest contingencies.
If you have already made up your mind whom to give your property to then go ahead and sign it and get it back to the buyer. But always choose one or two backups and tell them that they are in the line of potential buyers.
If you are working without an agent then tell the buyers that their offers will be reviewed in the order the seller was contacted.
In the case you don’t have hired an agent then you are sitting face-to-face to receive orders from the potential buyers or their agents. And this meeting will have very good consequences which will eliminate any type of complaints of unfairness later.
Once you have a list of multiple offers call each of them and tell about the date when you will make your tentative decision.
There are many chances that your home if it is well priced will be sold at the full asking price or beyond that boundary.
The buyers will have one chance to bid so they will pay proper attention before quoting any price. In the same way you may like any other closing date.
What if you have many other offers then you might prioritize those offers which are worth consideration and give them serial numbers according to the priority. Now whatever is at the highest number of your priority list call him and if everything works fine your home is sold, if not then work with number two until the deal is finalized.
There is a risk in starting a bidding contest at your own end as none of the offers will come as high as you would have liked. If the agent brings an offer without any contingencies for full listing price then you have to pay the agent the commission for the deal but on the other hand you are not legally bonded to accept the offer.