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How To Handle Multiple Offers On Your Maryland Home

A Great Problem to Have: How to Handle Multiple Offers for Your House or Condo

With the real estate game always in a state of constant flux, getting an offer on your house or condo might seem encouraging enough.  However, there’s always the possibility (and reality more than you’d think) that your property might hit the market hot, and this could mean more than one offer on your home.  Your property might just be that great, or might be in the perfect location, or might just have inferior competing properties for sale in the neighborhood.  While having multiple offers can be considered the best of all outcomes, there are a few ways to handle this situation and make the most of your home sale.


Communication Is Key With Potential Buyers

The occurrence of having multiple offers on your home may put you in the power position, but you’ll want to keep potential buyers in the loop and aware that you’re fielding other offers.  Ensure that each buyer supplies you with a pre-mortgage qualification letter and an offer by a deadline you choose (sometimes referred to as a “best and final” offer), and let them know the tentative timeline on when you’ll be making a final decision.  This will keep your buyers aware of the situation, and in many cases compel them to make a stronger offer then they initially would have… thinking there wasn’t any competition.

ExecuHome Realty additionally recommends that the mortgage company in charge of your potential buyer’s loan be local within Maryland.  Nationwide lenders might be OK for refinances, however many don’t have the specific local knowledge about proper laws and how things work here in Maryland.  This inexperience tends to cause delays and could possibly jeopardize the entire loan itself.

Weigh Your Offers Before Making A Decision

Right off the bat, it may be tempting to go with the offer that seems the best on paper, but make absolutely sure to carefully consider the reliability of each potential buyer.  It’s important to look over each buyer’s offer and determine if they seem like a consistent candidate that won’t change their mind.  An experienced agent is always one that can ask the “right” questions and gauge other non-monetary parts of the contract (such as the inspections or type of loan) for weaknesses that go beyond the sales price.

Once you’ve determined your ideal buyer, you can move on to negotiating the sale of your home, just do this in a timely manner because any serious buyer will expect a timely response!


Don’t Forget About Following Up

It can sometimes happen that the seller will get so excited about an offer on their home that they’ll forget about everything else and prep for the moving vans.  However, it’s important to follow-up with each potential buyer to ensure selling success.  Not only will this instill goodwill with each potential buyer, it may even provide a back-up offer in the event that the initial deal falls through.  Even though most deals don’t have any issues, of those that do, you’d be surprised as to how many quickly go right under contract again with a buyer who felt they missed out when they didn’t initially “win” the home.

Having a number of offers on your home is a great situation to be in, but you’ll want to make sure you handle it appropriately so you don’t miss out on the best deal and ultimately the one that gets to settlement. By keeping your potential buyers in the loop and following-up in a timely manner, actually selling your home might end up being the easiest part of your move.

For any questions you have regarding the home selling process and how to best prepare to get your home sold quickly and efficently, turn to ExecuHome Realty, we can’t wait to help you with all of your Real Estate needs.  Call us at 443-632-3800, and start the journey with us today.

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