By Adriana Montes
What do you do when you have multiple offers (and are all good?)
It even gets worse when the inventory is low and multiple buyers all want the same property, and frankly, now isn’t the best time to be house hunting because inventory has been low for the last two years. So, as a result, the market has been characterized by crazy bidding wars. That is not to say that multiple offers are an exclusive feature of a seller’s market; they can occur in any market. Therefore as a seller, what do you do when you have multiple offers? Let’s find out.
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IN A SELLER’S MARKET In a seller’s market, the sellers have the upper hand, and what I have come to realize is that buyers are often beating up, wondering whether the property is worth fighting for. In such a market, I have seen sellers getting up to 30 offers. I’ve even seen buyers offering $5K over, then $10K over, and as if that’s not enough, they add $15K over, and while tempting to the sellers, they end up losing to higher offers. The market is just frantic. It sucks for the buyers and their agents, and it sucks being a buyer right now! HOW DO MULTIPLE OFFER SITUATIONS WORK? When a buyer is interested in a home, they submit an offer. If a house is attractive, many buyers will submit their offers, too, which results in multiple bids. l
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ven under the best circumstances, house hunting has never been a pleasant experience. Buyers contact sellers with so much excitement, only for them to be turned down. It is a thrilling yet disappointing experience until you get a seller willing to listen and work with you.
