Handling Multiple Real Estate Offers
While the New Orleans market has cooled slightly, there’s still the chance that a seller will be faced with multiple real estate offers. Your home might be that unique property that several people have been waiting to hit the market. Or it might be the perfect price point for first time buyers that are clamoring for move in condition.
Whatever the reason, there are homes that command the interest of more than one buyer at a time, resulting in multiple offers received at one time.
You have choices here
Have your agent call for highest and best offers from all interested parties
This simply means that your agent will notify each potential buyer that they need to write their highest and best offer on the property.
Pro: Truly motivated and interested buyers will bring their A game (in the form of a higher offer) in the hopes of being the winner.
Con: Not all buyers will want to be involved in a potential bidding war and may drop out of the negotiations.
Select the best of the offers and counter it
Pro: Starting serious negotiations with an interested buyer. Kind of the bird in the hand theory.
Con: If the negotiations don’t work out, the other buyers may have moved on to another property. Most agents will leave the door open with other buyers in case you aren’t able to come to a mutual agreement with the person you are negotiating with, but that’s no guarantee they won’t have found something else in the meantime.
You’re driving the bus
Knowing the pros and cons of each choice, it’s totally up to you as the homeowner to decide how you want to proceed. While your agent can advise you, at the end of the day it’s your house and your decision.