Although it may seem like a no-brainer to accept the highest offer you receive on your home, it’s not that black and white.
If you get multiple offers on your home, should you just take the highest offer? I’ve been hearing this question a lot lately, and here are my thoughts.
Often, taking the very highest offer you receive may not be the best idea. If it’s a multiple-offer situation, a buyer is more likely to back out during the contract if they know that they are overpaying. When the emotion of securing the house wears off, buyers tend to get skittish after their offer is accepted.
It’s a great idea to take a look at all of the different terms of the offer, not just the price. When you do find the right one, it’s also important to let the buyer know why you chose their offer and why you think it was the best offer. This will result in a buyer who is much less likely to back out because they’ve been assured that they didn’t actually overpay for the home.
When a buyer backs out, it always creates a difficult situation for the seller. People will start to wonder what’s wrong with the house, when simply it could just be a result of a skittish buyer.
If you have any questions for me, feel free to reach out via phone or email. I look forward to hearing from you soon.