If you’re trying to sell a house, receiving offers from multiple buyers may seem like an ideal situation. However, there are many financial and logistical elements to consider, so it’s easy to feel overwhelmed. You should seek the help of an experienced realtor to navigate this part of the process, but below are some of the basics to know in this seller’s market. 

What Happens When There Are Multiple Offers on a Home?

As the seller, it’s largely up to you to decide how to proceed when there are multiple offers on the table. You can accept one right away if it’s clearly higher than the others. Alternatively, you could accept none of them if they don’t meet your standards. However, the process usually falls somewhere in between these two extremes.

If multiple offers are on the table, that’s often seen as a starting point for negotiations. Perhaps two or three of the offers are fairly similar, so you can see if the bidders would like to increase their offers. Even if you’re happy with the monetary part of an offer, there may be other elements that give you pause, like a contingency clause. Receiving multiple offers gives you leverage to ask for those parts of an offer to be removed. The bidders don’t have to concede, but they may want to if they really love your home.

What Should You Look for in an Offer?

The most obvious element of a solid offer is the price. If the buyer is willing to meet or exceed the asking price, it’s usually worth considering. However, the highest bid is not automatically the best.

It’s important to consider other elements that could delay or complicate your sale. For example, if one bidder is pre-approved and makes an offer with no contingencies, they’re less likely to walk away at some point in the process. If another buyer with a slightly higher offer is not yet pre-approved and wants to sell their home before buying yours, it provides multiple opportunities for complications. When you sell a house, look for the best combination of price and practicality before accepting an offer.

If you’re trying to sell a house and are looking for an experienced realtor, contact HomeWise Realty of the Carolinas. Based in Fort Mill, SC, the real estate agency offers both residential and commercial real estate assistance. Skilled agents walk buyers and sellers through all the options and the entire process, from listing to sorting through offers. Visit the website to see a selection of current homes. If you’re ready to buy or sell a house, call (704) 900-4979 to connect with an agent.