What a problem to have! Having multiple offers on your for sale home is very exciting but can also be a bit nerve-wracking. Luckily you’ve hopefully hired the Sarasota team to guide you through this process.
When time is of the essence, and you have one clear stand-out offer, you can opt to speed up the process by choosing to move forward with the winner and reject the rest. When you receive an offer from a buyer, you (or your agent) have no ethical or legal obligation to keep it a secret. In some cases, sellers may make other buyers aware that your offer is in hand, or even disclose details about your offer to another buyer in hope of convincing that buyer to make a better offer.
This type of scenario marks the makings of a true bidding war.
Your agent will know whether buyers in your market can traditionally stomach the stress of a bidding war. In competitive cities filled with high-profile business professionals and a fast-paced way of life, it might be the best way to go. This might not be the case in smaller towns or cultures where people put a premium on being polite and easy to work with.
You want to get the sale done as quickly as possible, naturally. But you might be surprised to find that the buyer making the best offer wants months to close the deal. If you have the time on your hands and are not in a hurry, it may be worth it to get the higher offer. For most sellers a quick closing is ideal. You can get your money, move into your new house and get on with your life.
With multiple offers on a home, the time to close is usually a significant consideration for both the buyer and seller. You may have to weigh what is most important to you if one buyer doesn’t blow you away with the exact terms you would like. Having a bidding war of your house really gives you the opportunity to get the terms and conditions out of the sale you want. With bidding wars, you are in the driver’s seat dictating the outcome as you would like to see it unfold.
