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.
Why Disclose Multiple Offers?
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.
Why Not Disclose Multiple Offers?
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.
About the Author
Pablo Torres
Pablo Torres is a qualified Real Estate Agent with over 10 years experience in real estate sales, due diligence and contract negotiations. Knowledgeable of South Florida neighborhoods. Currently, Pablo focuses his skills on all markets in the Miami metropolitan area.
He has the ability to understand sellers, buyers and renters needs with excellent communication. Fluent in English and Spanish with working knowledge of Portuguese. Pablo has impeccable reputation and a passion for real estate.
He graduated with a degree in International Business from Florida International University (1998) and a masters in business administration from Nova Southeastern University (2003). He had embarked on a career in commercial banking before being driven to switch to one of his passions-real estate.
Dedication, perseverance and punctuality allowed Pablo to sell different types of properties. His expertise with South Florida's cultural diversity has allowed him to sell real estate to both buyers and sellers.
Part of what makes Pablo so successful is his dedication to exceptional customer service and his devotion to their needs, whether they are buying or selling properties. Pablo has many repeat customers who cite his willingness to work long hours to resolve the toughest issues, as a reason why they stick with him. Torres integrity, attention to detail and careful handling of a transaction, exceeds their expectations. Sellers know that Pablo's extensive and personalized marketing strategies, means that their listing is seen by most buyers.
As a real estate professional, Pablo has the tools to represent your interests in virtually any transaction. Pablo's ability to interview, reason and figure out the smallest details makes every successful transaction a seamless process. Pablo is the right real estate professional to hire.
