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A Guide to Selling Your Home with Multiple Offers Depending on how you want to sell your home, sellers now have three -not just two alternative options. These three ways include selling it through a real estate agent the traditional way, selling it yourself through FSBO or For Sale By Owner, and more recently, you can sell your home to cash buyers. It is somehow important to note that in all three, another prerogative that a seller has is to offer it to multiple buyers as a means of influencing a matching latitude between as many interested buyers as much as possible. This will be to your advantage since contending buyers would surely want to sell-off one another and thus give out a competitive bid. The seller may thing that this is a good think having multiple buyers, but it actually presents some disadvantages. 50% of buyers fall out when there are multiple buyers compared to a single buyer which only has a 10% fallout rate. This is due to the fact that buyers would initially be very aggressive to come up with a higher bid, but when emotions settle down half of these bidders will realize that they have overbid and they start to begin putting off the deal altogether. However, there is a way to minimize that fallout and improve your chances of success in handling multiple offers. That is try to have a manager present. Even if you have to sell it through an agent that has a different policy, it is still good to have a manager deal with it. You can discuss conditions with the manager and the agent, while the manager supervises the multiple offer process.
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While you are not legally bound to keep secret the offers of the contenting buyers, it is just unethical if you do so. Once the price is out, bidding war that often results remorse on the part of the bidder and a fifty percent chance of a fallout can be resolve by the manager by going through the files and asking all the buyers to bring back their best offer. This is your big leverage since managers can now study the interest of multiple buyers together with their ceiling price. This also increase the probability that your deal will actually close.
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If you are not interested with a counter offer and receive a new offer from the same buyer that is better, then you simply need to wait until the first offer expires to take the better one. These types of negotiations are best done with the help of a manager. If you want the best offer from multiple buyers, then a manager can help you in all the processes.