Today, homeowners have three options in selling their homes. That is, selling with an agent the conventional way, selling a house yourself via FSBO or For Sale, By Owner, and more recently, selling it to cash buyers. In all these three ways of selling your house, the homeowner also has the prerogative of offering his home to multiple buyers so that price offers can be matches to as many interested buyer as possible. This will be to your advantage since contending buyers would surely want to sell-off one another and thus give out a competitive bid.
The seller may thing that this is a good think having multiple buyers, but it actually presents some disadvantages. 50% of buyers fall out when there are multiple buyers compared to a single buyer which only has a 10% fallout rate. This is due to the fact that buyers would initially be very aggressive to come up with a higher bid, but when emotions settle down half of these bidders will realize that they have overbid and they start to begin putting off the deal altogether.
However, there is a way to minimize that fallout and improve your chances of success in handling multiple offers. The best way to handle it is to have a manager present. If you are to sell it to an agent, there may be a variations on their policy but whatever, it is still best that a manager is present to act as third party. So wile the manager supervises the multiple offer process, you, the manager, and the agents can discuss conditions.
There is no legal liability to tell buyers like West Palm Beach cash home investors about the contending offers but it is just unethical to disclose the content of the competing offer to others. So when the highest bid is out, it often results in remorse on the part of the bidders and fallout can be resolved by the manager going through the files and asking buyers to bring back their best offer. This is your big leverage since managers can now study the interest of multiple buyers together with their ceiling price. with this the probability of closing the deal will be higher.
If there are counter offers which you are not interested in and they you receive a new offer from the same buyer which is a better offer, then best to put off the new offer until the first one expires. This is the kind of work that a manager such as http://www.pslhomebuyers.com can help you with. This way, you will come out with the best price offer for your house.
For further reading/watching, please visit https://www.youtube.com/watch?v=L7xD3vUkLfU .
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