Here are tips for buyers and sellers in multiple-offer situations.

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Right now, our clients are dealing with a lot of multiple-offer situations. This includes buyers and sellers, who need to handle the situation differently.

If you’re a seller who has multiple offers on your home, there are two common courses of action. The first is to simply work with the offer that you like best by either accepting the offer or countering. The second is to submit a multiple-offer disclosure to each buyer, requesting their highest and best offer and giving them a timeline.

For buyers, there are some different ways to go about making an offer when you know you’re competing against other buyers. In Clarksville, it’s common for sellers to pay closing costs. So offering to reduce the closing costs or take care of them yourself are other ways to spruce up your offer. Another way to make it more attractive is to not ask for certain allowances or concessions. You can also reduce or eliminate the inspection contingency. There are a lot of options, it just depends on what the home seller is looking for.

One way to get an edge is by offering to pay for closing costs.

An escalation clause is another fine option for buyers. You can include it in your offer, and it states that you will increase your offer in x increments up to x amount if there are other buyers offering more money than you. You could make an offer of $200,000, but include an escalation clause to make your offer worth up to $205,000 or $1,000 over the next highest price. The downside of an escalation clause is that you’ve shown your hand to the seller and they could just counter with the price of that max counter offer amount.

If you have any questions for us about multiple offers or buying or selling a home, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.

Posted by Justin Cory on
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