Depending on how you want to sell your home, sellers now have three -not just two alternative options. These three ways include selling it through a real estate agent the traditional way, selling it yourself through FSBO or For Sale By Owner, and more recently, you can sell your home to cash buyers. Today, homeowners have another prerogative and that is to offer their house for sale to multiple buyers, in order to try to get the best price offer for the house. 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. 50% of buyers fall out when there are multiple buyers compared to a single buyer which only has a 10% fallout 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.
But, there is still a way to minimize fallout and improve your chances of success in handling multiple offers. The best way to handle it is to have a manager present. 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. So wile the manager supervises the multiple offer process, you, the manager, and the agents can discuss conditions.
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There is no legal liability to tell buyers about the contending offers but it is just unethical to disclose the content of the competing offer to others. So when the highest bid is out, it often results in remorse on the part of the bidders and fallout can be resolved by the manager going through the files and asking buyers to bring back their best offer. You can use this as a leverage since managers will then study the interest of multiple buyers 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. This way, you will come out with the best price offer for your house.