How to Handle Multiple Offers as a Listing Agent

With inventory as low as it is, your sellers should be receiving multiple offers. You need to be prepared to help them pick the best offer for their unique situation.

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Inventory is at an all-time low, and if you have a property that is priced right, you should be concerned if you’re not getting multiple offers. As a listing agent, it is your job to help your sellers choose the best offer.

Is the best offer always the highest price? Or is a cash offer the best offer? Should you go with a buyer with conventional financing or a buyer with a VA loan?

The best offer can actually be any of the above. Ultimately, the best offer is the one that makes the most sense for your seller and is the most likely to close in the time frame your seller wants.

Let me give you an example. One of our agents recently sold a great house. An offer came in over asking price — in fact, it was so far over asking that we knew there would be an issue with the appraisal. The agent asked the buyer to add a clause that stated if the appraisal came in up to $25,000 under the offer price, the buyer would write a check for the difference.

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As a listing agent, it is your job to help your sellers choose the best offer in a multiple offer situation. 

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The buyer agreed to the clause up front and we went to get the okay from the lender. We needed to verify that the buyer had the funds to cover the difference and that the loan program would allow them to do so. In this instance, the buyer didn’t have the funds, so we took an offer that was a little bit less money but more able to close.

As the listing agent, our job is to fully educate the seller and help them see the upcoming bumps in the road that they might otherwise miss.

If you have any questions about dealing with multiple offers or if there is anything else you want to know about, give me a call or send me an email. I would be happy to help you!