1. Set a date for reviewing all offers
A good way to handle a multiple offer negotiation is to communicate to all interested buyers that you will accept offers until a specific date and time. This gives all buyers an equal opportunity to submit offers and avoids you as the seller being cornered into accepting an offer than comes with an expiration – a tactic sometimes used by buyers to get their offer accepted. Having a specific time frame will often result in giving you the greatest opportunity to receive the best offer. To help you stay informed on setting a list price and determining which are fair offers, our market tools are a great resource to research.
Browse Market Data, Sold Data and Comparables.
2. Look at more than the price
Selling your home for the highest value is about more than just price. For some sellers a quick or delayed possession is highly important, having a secure offer without conditions is also worth a lot, as is flexibility from the buyer. As a seller, you must determine what is the most important to you and what will help the process of selling your home be as smooth as possible while still delivering the best possible outcome. It’s a balancing act that is completely different and personal to each seller.
3. Be empowered to counter with transparency
As a self-represented seller you should feel empowered to share as much information as you like with potential buyers. This could mean having a very transparent conversation when countering an offer and letting a buyer know what it will take to get their offer accepted.
4. Establish back ups
In case of something going wrong with the offer you choose to accept, having a back-up offer is a great strategy. In a multiple offer situation, you can keep other offers on the table (if the buyer is willing) by accepting them as a back up. The most crucial part of any back up offer is the inclusion of the seller’s condition “The acceptance of this offer is subject to the collapse of the already accepted offer collapsing“. This protects you as a seller from accidentally agreeing to sell your home to two people, while also ensures that you have plan B should your initial offer fall through. Sometimes back up offers may actually be better than your original offer. Regardless of this, you are legally obligated to follow the order in which you accepted the offers.
You may continue to show your home after accepting a conditional offer, however you’ll need to let our team know that you have accepted an offer. In Alberta, the conditional sale must be reported and, although the listing will remain active on realtor.ca and bode.ca, agents will be able to see that there is currently a pending offer on the home.
So... How Do I use Bōde to manage my offers?
When you receive offers through the Bōde platform, you will be able to compare each offer.
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