The Pros and Cons of Multiple Offers

A multiple offer is the dream scenario, right? Could there possibly be any bad news in more than one person being interested in buying your home? While there are major pros to this situation, there are also a couple of cons to be aware of:

I know you’re asking yourself what possible downside could there be from multiple offers on my home?  Sure, for the most part, getting multiple offers on your home is a dream come true. So, let’s start with the Pros:

  1. You will likely get your full asking price or very close to it.
  2. You will probably be able to avoid stressful negotiations.
  3. You are more likely to find an offer that matches your specific needs – speedy sale, getting a higher price, contract contingencies, etc.

But before we start jumping for joy, let’s look at the Cons:

  1. In a buyer’s market, buyers don’t like to get into a bidding war and are more likely to walk away and find a property they don’t have to compete for.
  2. If you come back with an over-confident counter offer, you risk alienating your buyer.

Bottom line, multiple offers on your home are a blessing, but this is a buyer’s market so tread lightly and trust your Realtor to guide you through the negotiations.

Realtor.com

Previous

Next

Specializing in properties in South Hampton Roads, Virginia.