Multiple Offer Negotiations — From a Seller’s Point of View
Apr 19, 2022 brooklyn,brooklyn real estate,brooklyn realty,brooklyn sellers,Brooklyn Sellers Agent,new york,selling a home,selling in brooklyn,selling property
Now is an incredible time to sell your home, with multiple-offer situations being the norm. It can be difficult to know what to do in these times, though, as many options could come your way. That’s why we’ve put together some information to guide you through the process. Your listing broker is your best source of information, but the points below can give you a good foundation from the start.
Some things to know before we begin:
- As a seller, you want to get the highest price and best terms for your property.
- Buyers want the lowest price and most favorable terms.
- Listing brokers represent your interests.
- Buyer representatives represent buyer interests.
- Real estate agents are subject to state regulations and the Code of Ethics, which requires presentation of all offers quickly and objectively, sharing all information they receive, and being honest with all parties at all times.
- Multiple-offer situations always end in disappointment, as there can only be one sale. It’s the professionals’ jobs to ensure everyone feels they were treated fairly throughout the process.
And the most important tips to keep in mind:
It’s very possible that you will be faced with multiple competing offers to purchase your property.
Your listing broker can explain various negotiating strategies for you to consider. For example, you can accept the “best offer,” you can inform all potential purchasers that other offers are “on the table,” or you can “counter” one offer while putting the others aside, awaiting a decision on your counter. Lastly, you can “counter” one offer and reject others.
If you have questions about the possibility of multiple offers and the way they can be dealt with, ask your listing broker to explain your options and alternatives.
Realize that each of these approaches has advantages and disadvantages.
Patience may result in an even better offer being received; inviting buyers to make their “best” offers may produce an offer (or offers) better than those “on the table” – or it may discourage buyers who feel they’re already made a fair offer, resulting in them breaking negotiations to pursue other properties. Your listing broker will explain the pros and cons of these strategies (and possibly other) negotiation strategies. The decisions, however, are yours to make.
Appreciate that your listing broker’s advice is based on past experience and is no guarantee about how any particular buyer will act (or react) in a specific situation.
They’re working hard to get you the best deal possible, but that doesn’t mean their job is easy or predictable. Do your best to trust their expertise (this is why you interview listing agents at the beginning of the process, so you can trust their judgment), and be prepared to make a few difficult decisions as the process moves forward. Remember, multiple offers may be stressful, but they’re also a good sign! They mean you’ll likely get a better deal in the end as you can choose the best price and terms to meet your specific wants and needs.
If you’re looking for a real estate agent who is experienced in this market —and in selling homes in Brooklyn— reach out to our team today. We’d be honored to guide you through this process — hopefully bringing in a number of incredible offers for you to consider.