There's no doubt that every seller's dream is to receive offers from more than one buyer. Though multiple offers were rare last year, now, in some markets and price ranges, listings that are priced just right are getting multiple offers. Most of us automatically want to accept the highest offer. However, this may not always be the best offer. For example, if you have two high offers that are very close in price, you may want to counter the next best offer as a backup plan just in-case. Therefore, if your first offer falls through for some reason, you still have the backup there.
When making a decision about which offer to accept, it is very important to review all conditions and terms of each contract, not just the price. In some cases, the price may seem to be the highest. But once you look carefully at the terms and conditions, you will see that some buyers are asking you to pay more fees, which bring down the price even more.
Sometimes it can be beneficial for you to accept a lower price if the buyer is willing to close quickly. For some sellers, the close of escrow can be an important factor if you have already purchased and closed on another home.
Make your decisions wisely and always use a real estate professional. They will help you every step of the way.
I always encourage back up offers!!!
Liz:
Very cool video. I did not know the London Bridge had been sold. But, there you go, I may visit Lake Havasu.