When selling a home, it’s not uncommon to get offers from multiple buyers. This is especially true in a hot market with low inventory. If you’re dealing with multiple offers, the question can arise about disclosing those offers. If you’re unclear about how and why to factor this into your negotiations, here is some basic info to help.
There are two benefits to disclosing offers to other buyers:
It can encourage one buyer to increase their offer. Informing a buyer that there is another offer in play might result in a larger offer from another buyer.
Sometimes, counter offers include more than a price increase. A buyer might offer better terms to sweeten the deal, like waiving appraisal or inspection fees. This is where seller contingencies come into play. It’s also common for an updated offer to be a larger deposit, quicker closing or even covering the closing costs.
While there are definite upsides to disclosing multiple offers, there can also be drawbacks:
Some buyers might be intimidated and walk away from the sale. Knowing that there are other, more competitive offers on the table could discourage them from pursuing the property.
Dealing with multiple offer disclosures can get confusing. The communication involved might get tricky and even stressful. Keeping track of which offers are available might turn into more of a hassle than you want in your selling process.
Disclosing offers can make the sale take a lot longer. Most home closings take a month or two, but if you’re dealing with multiple offers and counteroffers, disclosure could drag out the process. Each round of offers and counteroffers adds days to your total timeline, which can be especially inconvenient if you have a new purchase contingent on your current home sale closing.
Overall, consulting with a real estate professional will help you decide whether disclosing multiple offers is the right move. Weigh the options carefully to determine what will get you the best results.
Hi, I'm Mike A Beauregard. I am Realtor here In Rancho Penasquitos, and I'd love to assist you with your Rancho Penasquitos Home Selling needs. Whether you're in the research phase looking at your potential real estate service options or you are already ready to pull the trigger on hiring a Realtor for your Rancho Penasquitos home selling needs, I provide a No Cost, No Pressure, No Obligation consultation so you can learn first hand if working together with me to get your Rancho Penasquitos Home sold is right for you. You can contact me directly at 858 433 6869 or you can text the keycode WRPINQ to 619 345 5375 now for more digital info, and talk to no one at this time. text rates may apply from your carrier and, by proceeding, you (opt-in) agree-to initial automated interactive text dialog and to future communications via text or phone.