A multiple offer situation occurs when more than one offer has been submitted on a piece of real estate that’s for sale.
As a seller, when you have a property that has multiple offers, there are certain things you should look for. One is the type of financing. If one offer is a cash offer, that eliminates the possibility of complications that could occur with a buyer going through the mortgage loan process. You should also consider the closing date and the amount of due diligence time. All of those things play a part in the actual makeup of an offer.
As a buyer, if you find yourself competing against other offers, there are a few things you can do to make your offer stand out. Oftentimes there are components of an offer that are actually more important to sellers than the sales price.
For example, if a seller needs a quicker closing date, they might accept a lower price if an offer accommodates that. Cash offers are always very attractive as well. You ultimately want to make sure your agent communicates with the seller in order to find out what is most important to them and what key factors should be present in your offer to make it the most attractive.
If you have any questions about multiple offers or any other real estate questions, don’t hesitate to give me a call or send me an email. I look forward to hearing from you!