When homes go up for sale in a hot market like Hilton Head, buyers sit up and take notice. In some cases, these in-demand properties can even receive multiple offers—which is great news for the sellers involved. It means more options, better leverage when negotiating, and (hopefully) a very impressive sale price. That said, these situations aren’t always straightforward. As a seller, you may be unsure of how to get the most out of the interest you’re seeing in your home.
If you’re lucky enough to receive multiple offers, here are a few tips for reaching an outcome you’ll be more than happy with…
1) Know your options
No doubt about it: having buyers compete for your home puts you in a very good position. It means there are several potential paths you can take, as opposed to just one. You can accept an offer right off the bat, negotiate with one home hunter and reject the others, or ask all of the buyers involved to make their best (and final) bids.
At the same time, we know these situations can be tricky. The goal is to get the best price possible, without turning bidders off and having them look elsewhere. Luckily, an experienced agent can help. We’ve been through the process many times, and we know how to advise you based on your circumstances!
2) Remember: it’s not all about money
It’s all too easy to reduce every offer to dollars and cents. Of course, money will probably be your biggest motivation—but that doesn’t mean the highest bid is always the best one. The truth is, there are times when two offers are close, but the slightly lower one will lead to a better outcome.
Let’s say a buyer is willing to pay in cash. Even if their bid isn’t the highest on the table, you may want to accept it if you’re looking for a low-hassle transaction. If they don’t include any contingencies (which allow buyers to back out of a purchase under certain conditions), it could mean fewer obstacles on the road to closing. The point is, there are many elements to an offer, and each one deserves due consideration.
3) Look at financing
Good bids look great on paper. But there are times when buyers can’t quite fulfill their promises. Often, it’s because the mortgage they’re expecting to receive fell through. That’s why it pays to look closely at which offers are coming from qualified buyers.
The good news is, there are ways to determine which home hunters are most likely to make it to the finish line. Mortgage pre-approval, adequate income, good credit, and a sizeable down payment can all be good signs. While your agent may not have access to a buyer’s full financial history, they’ll use what they do have to paint the most complete picture possible.
4) Consider your home’s value
Here’s something many sellers don’t know. If an offer is too high, the deal may not close successfully! That’s because lenders rely partly on a home appraisal when they decide how much financing to give a borrower. If your property’s value falls short of an offer you’ve accepted, the buyer will have to make up the difference. Of course, they can’t always do that.
When you have multiple bids to choose from, it makes sense to do your due diligence. If your agent looks closely at an offer and realizes it might not lead to a successful sale, you have others to fall back on.
5) Work with a negotiation expert
Often, home sellers have to undergo a lot of back and forth with a buyer to get the best possible price, terms, and conditions. When there are multiple offers involved, it could mean even more time around the negotiation table. Of course, some sellers find this process stressful—but it doesn’t have to be.
An agent who understands the market and the purchase process can help you make the most of your offers. That said, there’s more to it than real estate expertise! You also want someone who has that special ability to read situations—and the dedication required to act as your advocate.
When it comes to multiple-offer scenarios and bidding wars, we’ve been on both sides of the table. We know they can be hard on buyers, but sellers often deal with their fair share of stress, too. Fortunately, with the right strategy, you can turn all of the interest you’re receiving into a major win. All it takes is some guidance and support from the right real estate expert!
Ready to sell your home on Hilton Head? Get in touch—we’ll walk you through the process and help you find the ideal buyer!