Buying

Quick Tips for Dealing With Multiple Offers

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There’s no shortage of stories out there about Toronto homes that have inspired bidding wars. These situations can be stressful, and not just for buyers. While sellers who receive competing bids are at an advantage, they can also become paralyzed by indecisiveness. The truth is, choosing an offer is rarely simple—but if you’re selling your home, there are some steps you can take to ensure that the decision you make is an informed one.

If you’re a seller in a multiple-offer scenario, here are some tips you can use to achieve the best possible outcome.

Find an agent with experience

You can’t always predict which homes will generate a lot of interest from buyers. That said, highly-desirable properties are most likely to receive multiple offers—especially in a seller’s market. If you have reason to believe you’ll have your pick of buyers, choosing the right agent is one of the smartest moves you can make. When you’re interviewing representatives, look for someone who has successfully handled multiple offers in the past.

Choose your strategy wisely

When you have more than one buyer competing for your home, you hold the cards. You can accept the most attractive bid right away, counter one (or some) of those that you’ve received, or ask everyone to make their best and final offer. If you’re hoping to move things along, this last strategy can be helpful. Of course, the tack you should depend on your specific circumstances. Your agent can advise you based on your selling goals.

Think carefully about the bully

Many sellers set a date to look at their offers, and instruct home hunters to hold off on making them until then. Taking this course of action will allow you to compare all of your bids at once—so long as buyers listen to you. When they take pre-emptive action, it’s what’s known as a “bully offer.” If the price is right, you may be tempted to accept. The important thing is to carefully weigh your options and avoid feeling pressured into making a decision.

Remember: it’s not all dollars and cents

Every home seller wants to get a great price for their home, but there’s more to an offer than money. That’s why it’s important to consider all of your goals before jumping at the highest dollar amount. Are you hoping for a quick and efficient sale? If so, you may want to consider an unconditional offer (one that isn’t contingent on a successful inspection, for example). Are you hoping to close quickly? In that case, you might give more weight to an offer from a buyer with a flexible timeline.

Thinking of selling your home? No matter your circumstances, we can help you prepare. Reach out to learn more today!