Competing offers are a seller's best friend. With multiple offers in hand, a seller has the psychological advantage and is in a great position to control the outcome of the negotiation and sale.
In this article we cover why you should choose a listing plan that's designed to attract multiple offers. Here are the 4 main ways multiple offers will benefit your sale.
4 advantages of multiple offers
#1: Competing offers give you leverage to negotiate the highest possible price. When buyers compete for your listing, you have the negotiation advantage. You'll get the highest market price when you negotiate with all parties and allow buyers to compete for your listing.
#2: Multiple offers help you negotiate the best terms. Your odds of receiving a cash offer go up significantly when buyers compete for your listing. Offers without inspection and appraisal contingencies are also much more likely when 2 or more buyers compete for your property.
#3: Competing offers give you leverage during the home inspection process. Buyers are much less likely to nickel and dime you over minor inspection issues when you have other back-up buyers in the fold.
#4: Multiple offers help you justify your price to the bank's appraiser. Your appraisal is much less likely to come in low when the appraiser knows your listing received competing offers.
Check out our 3 tips for generating competing offers in this article. View all of our latest home-selling tips here.
This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711
