When there are multiple offers, the seller typically takes one of three actions:
- Accepts the most favorable offer
- Counters all offers to give everyone a chance to come back with a better bid in an effort to get the best price and terms
- Counters the offer closest to the price and terms the seller’s seeking
It’s important for you, the buyer however should not assume that they’ll get the opportunity to submit a counteroffer. If the seller has many offers on the table they often times just pick from one of them to work with. You always want to give them your best and highest offer so they won’t even consider looking at the others.
Timing is everything. Sometimes a seller will just let everybody know that he will accept offers on a certain date at a certain time so that this eliminates any buyer feeling that for whatever reason their offer was not submitted in a timely manor.
Don’t assume that the money is the only thing of value. Sometimes there are other items to be considered.
Coming up on the next blog: What is also of value to a Seller”