A desirable outcome, for an owner during the selling process of their property, is to be caught in a multiple offer situation. The marketing campaign has been a success, your agent has begun negotiations and now we are here; all offers have been presented as their ‘best and final’ bids.
It is time to review these offers and to strategise with your agent to reach a decision that maximises your profit without requiring a contingency plan.
Price isn’t everything, although it may seem to be what drives Real Estate in a hot market, other factors need to be taken into careful consideration.
If the offer is above asking price or matches your expectations, don’t jump to the conclusion that they are your buyers. In some cases, the highest bidders tend to bite off more than they can chew and get declined for their mortgage applications, therefore resulting in a collapsed contract. Your second highest bidder might have gone looking elsewhere by then and you can find yourself back in the same position you were in at the beginning.