There is no guarantee how any particular buyer will act, or react, in a situation.
However, you may want to heed the advice of someone with more experience with this than the average seller (or the average agent).
First, there are several negotiating strategies to consider. You can -
- accept the “best” offer.
- “counter” one offer and reject the others.
- "counter” one offer and put other offers aside awaiting a decision.
- inform the potential buyers that you've received multiple offers and invite them to make their “highest and best” offer.
Consider these tips:
- Understand the process and the rules. For example, you can only 'work' one offer at a time. And all agreements must be in writing.
- Have a plan for evaluating the offers. Establish a time frame and don't let the best one slip away because you take too long.
- Consider more than the price. Terms and contingencies can make or break a deal. Closing date, option period, mortgage terms, expenses, contingencies and many other issues will have an impact. Decide what is most important to you.
- Quickly determine who is the best buyer. Get a pre-approval letter from their lender, ensure they are qualified and that their earnest money is sufficient enough to be painful for the buyer to forfeit. They may not be your highest offer. A buyer can make a high offer just to “win” the bidding war, but they could second guess their decision and walk away during the option period. You want a buyer who is committed to the home and will likely close.
- Don’t take it personally. Remember that this a business transaction, and everyone's money is the same color of green. Don’t be offended or make an emotional decision.
- Always try to get a backup contract.