How To Handle a Multiple Competing Offer Situation
It’s not uncommon for great properties to attract a lot of attention, but multiple eyes and offers on the same home complicates the process. Here are some tips on how to handle a multiple competing offer situation as either a buyer or seller.
Advice for Buyers
From resort destinations to big cities to small towns, it’s likely that home buyers will encounter a situation where they are not the only party vying for a property. Making the highest offer isn’t the only way to win over a seller and lock down the home you have your eye on.
In a buyer’s market, the number of competing offers likely isn’t as high. To be as successful as possible, focus on communication and look for opportunities to get ahead. Sometimes, friendliness does more to sway a seller your way than anything else. Talk with your agent to try to figure out what the seller’s personal goals are so that you can adapt to them.
Making a competitive offer is more challenging in a seller’s market. Unless you are certain that this is the property you wish to double down on, making a low initial offer can keep your closing price down. However, low offers are easier to beat. Preparedness is key to setting yourself up for the highest chances of success. Pre-approval from lenders, cash, and flexibility all go a long way to make your offer competitive even when it isn’t the highest.
Advice for Sellers
For sellers facing several competing offers for their property, it’s most important to look to your agents for assistance. You have the final say on which buyer receives the home or lot, so ask questions and stay as informed as possible. Agents bring with them vital expertise that, while offering no guarantee as to the actions your buyers will take, can still guide you to better adapt your negotiating strategy and make the decision that’s best for you.
No matter which end of the multiple competing offer situation you are on, it’s important to keep in mind that civility sells. Both parties understand the basic goals of the other and should know that only one person will be able to win the property at the end of the process. Sellers should remain open to discussion and respectful of potential buyers before, during, and after the sale, while buyers need to stay responsive and courteous until they rescind their offer or sell the property.
For those with property on the island, now is a key time to consider selling property in Barbados. As more people consider remote work options abroad and the tourism industry gradually returns, an opportunity for sellers presents itself. Our team at Terra Caribbean brings passion and expertise to the table, helping match your property with the buyers you’re looking for and helping you navigate competing offers until you’re ready to sell.