When it comes to real estate, competing bids are usually a welcome scenario for all parties involved. If you’re selling property, they’re indicative of an active market. And, if you’re trying to buy a house, it signals the end of a lengthy home search and a quicker path to closing. Despite these advantages, a multiple-offer scenario requires both sellers and buyers to make smart decisions to ensure they don’t lose out on an attractive opportunity.

What Sellers Should Do If They Get Multiple Offers

Accept the Best Offer

When selling property, sometimes the most straightforward option is best. If you receive multiple offers, accepting the one that matches or exceeds your asking price will allow you to get the process moving without splitting hairs. 

Welcome Bidding

If all offers are reasonably close to each other, pass the details on to all buyers. In many cases, prospective buyers will improve their offers to outperform the competition, possibly starting a bidding war that will increase your profits.

Consider Additional Perks

Review all terms of the offers to see if there’s a reason beyond price that makes one more attractive than the others. For example, you might prefer to sell to a buyer that will give you more time to move out or one that agrees to cover some of the closing costs.

How Can Buyers Make Themselves More Attractive in a Bidding Situation?

Get Preapproved for a Loan

Before you buy a house, get preapproved for a mortgage. Prequalification shows you meet the minimum criteria to obtain a mortgage. Preapproval demonstrates that a bank or lender is prepared to give you the funds. Preapproval shows sellers you’re ready to close a deal and won’t get set back by financing challenges.

Increase Your Earnest Money Deposit

Sellers get nervous that buyers may get cold feet and back out before closing. To assuage these fears, offer to increase your earnest money deposit to establish your seriousness about the purchase.

Sweeten the Deal  

If the offers are close, put your strongest bid forward. With insight from your real estate agent, you can settle on a number that is competitive but still fits your budget.

Whether you’re buying or selling property in Boyd County, KY, RE/MAX Real Team Realty is ready to help you prepare the best deal. Serving Ashland and surrounding communities, these residential real estate agents are intimate with the demands and conditions of the local market. They know what it takes to make or receive a compelling offer. Proud of providing personalized service, they’ll ensure the right terms for your specific situation. To learn more about their capabilities and listings, visit this real estate agency online, or call (606) 325-0407 to request a consultation.