Multi counter offer5/1/2023 an excited real buyer? That’s for your agent to figure out. How do you know the difference between a bully offer vs. Don’t fall for the Bully Offer – A bully offer is when the buyer knows there are (or will be) multiple offers so he/she throws out a big number and then tries to renegotiate everything during the escrow.Be careful not to push too much though or you’ll get stuck with the bad offer. I’m not suggesting you lie or mislead, just don’t disclose any details. If you get one good offer and one not so good offer, let the good offer know there’s another offer and push the good offer to accept your terms. As I mentioned, you’re not required to disclose anything about the other offer. Having multiple offers gives you the ability to bluff. Use a bad offer to push up a good offer – AKA, bluffing.If none of the preferred offers come to an agreement (which is unlikely), then go back to the others. If you do get 5-10, it’s usually best to narrow it down by vetting each offer and responding to the top 3 or 4 initially. Narrow it down to the top 3 or 4 offers – If you do receive multiple offers, chances are it will be 2 or 3, not 5-10.Plus, I’d question the integrity of your agent if they were down with this strategy. Just the idea of a bidding war can scare off other good buyers and you may end up with your phantom buyer. ![]() If you’re thinking, Aha! I should just pretend to have another offer – I highly suggest you don’t. In fact, you don’t even have to provide proof that there is another offer. You and your agent are under no obligation to tell the other buyers anything about the other offers. Depending on the demand for your home, you’ll need to tread carefully and not scare off a great buyer. If you’re lucky enough to receive multiple offers, you’ll be in a great negotiating position, but that doesn’t necessarily mean you hold all the cards. If demand isn’t what you expected, you may end up leaving money on the table. Sometimes sellers get lucky and price their home above fair market value and still get multiple offers!īe careful: Pricing your home low to attract multiple offers can backfire. Pricing below the market to hopefully attract multiple offers.ģ. ![]() Pricing above fair market value to give the seller some negotiation room.Ģ. When determining an asking price, there are many strategies a seller can use. Multiple offers happen by luck or by orchestration. Now it’s time to help home sellers properly navigate multiple offers and avoid the all-too-common mistake of overplaying their hand. My last blog discussed why home buyers should shoot for a short negotiation. They often lead to a bidding war and bidding wars often lead to a higher sales price.
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