Smart Ideas: Sales Revisited
December 21, 2017
Depending on how you want to sell your home, sellers now have three -not just two alternative options. You can sell your home the traditional way through a real estate agent, FSBO or For Sale by Owner, or sell it to a ash buyer, and these are the three ways of selling your house today. In all these three ways of selling your house, the homeowner also has the prerogative of offering his home to multiple buyers so that price offers can be matches to as many interested buyer as possible. If there are many interested buyers, it will give you an advantage since they would bid competitively hoping to sell-off one another.
“Prerogative”I say because while the seller may think that receiving multiple offers extends the sellers bargaining chips, it actually presents some disadvantages. With multiple buyers, it is known to have a 50% fallout rate while with a single buyer there is only a 10% fall out 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.
There is still a way to prevent this fallout or to minimize it so your chances of success in handling multiple offers is improved. That is try to have a manager present. If you are to sell it to an agent, there may be a variations on their policy but whatever, it is still best that a manager is present to act as third party. You can discuss conditions with the manager and the agent, while the manager supervises the multiple offer process.
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Though sellers are not legally liable to tell buyers how much the contending offers are, it may be simply unethical to disclose the content of the competing offer to others. 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. In this way, managers can study the interest of multiple buyers together with their ceiling price. There will be an increased probability that your deal will actually be closed.
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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. with the help of a good manager, you will be able to get the best possible offer on the sale of your house. This process will assure you of getting the best offer for your house.