What happens if my property receives multiple offers?

Managing multiple offers effectively requires careful consideration and a strategic approach to ensure you get the best possible outcome. Here’s how to do it:

Review Each Offer Thoroughly

The first step is to carefully evaluate each offer that comes in — and it’s not just about the highest price. Take a close look at:

• The offered price: Is it competitive and aligned with your expectations?
• Deposit amount: A larger deposit often signals a more serious buyer.
• Settlement date: Does the timeline suit your needs?
• Conditions: Are there any contingencies, like finance approval, building inspections or special requests that could slow things down?

A high offer with risky conditions may not be as strong as a slightly lower offer with more favourable terms — it’s all about balancing price with certainty.

Assess the Strength of Each Buyer

Not all buyers are created equal. Beyond the dollar figure, you’ll want to assess each buyer’s financial position:

• Pre-approval status: A buyer who has mortgage pre-approval is less likely to pull out due to financing issues.
• Cash buyers: Offers that aren’t subject to finance are generally faster and more reliable.
• Deposit size: A larger upfront deposit indicates commitment and financial stability.

Choosing a buyer who’s in a stronger position could mean a smoother, faster sale — and less risk of the deal falling apart later.

Notify All Interested Buyers

Once multiple offers are on the table, transparency is key. Let all buyers (and their agents) know that there’s competition. This can create a sense of urgency, encouraging buyers to put their best foot forward — potentially leading to higher offers or better terms.

Set a Deadline for Offers

Establish a clear deadline for final offers, giving all buyers a fair chance to submit their best and highest bid. A deadline:

• Creates urgency: Buyers know they need to act fast.
• Prevents drawn-out negotiations: You avoid endless back-and-forth discussions.
• Keeps things organised: It gives you a clear timeframe to evaluate offers.

Communicate the deadline clearly — serious buyers won’t want to miss their chance.

Invite ‘Highest and Best’ Offers

Once you’ve set a deadline, ask all interested buyers to submit their “highest and best” offer. This signals that no further negotiation will take place after the deadline — it’s their one shot to impress. This approach often results in stronger, more competitive offers, as buyers won’t want to risk losing the property.

Carefully Evaluate All Final Offers

Now comes the crucial part: comparing all the offers. Beyond the price tag, weigh up the overall terms:

• Settlement dates: A quicker settlement may be worth more to you than a higher price with a longer wait.
• Deposit amounts: Larger deposits show commitment and reduce the chance of buyers walking away.
• Contingencies: Offers with fewer conditions are less likely to fall through.
• Buyer reliability: Have they bought before? Are they working with a reputable lender or solicitor?

The goal isn’t just the highest offer — it’s the offer that’s most likely to lead to a successful, stress-free settlement.

Select the Offer that Best Aligns with Your Goals

Based on your evaluation, select the offer that best meets your goals and expectations. This may not always be the highest bid; other factors such as the likelihood of a smooth transaction and the financial strength of the buyer should also be considered.

Counteroffers

If none of the offers meet your expectations, you can make a counteroffer to one or more buyers. This can help you negotiate better terms while keeping your options open.

Inform Buyers

Once you’ve accepted an offer or are in negotiations, inform all buyers of the situation. Transparency is important and ensures that all parties are aware of the current status.

Work with Your Agent

Managing multiple offers can feel overwhelming — but that’s where having a skilled real estate agent makes all the difference. Your agent will:

• Provide insights into buyer motivation and reliability.
• Help you weigh up offers beyond just the price.
• Handle negotiations professionally to maximise your outcome.

With the right agent guiding you, you’ll feel confident knowing you’re making the best possible decision.

Formal Acceptance

Once you’ve chosen the best offer and negotiated any necessary terms, you’ll formally accept the offer by signing the contract of sale.

Continue Marketing

Until the contracts are exchanged, it’s advisable to continue marketing the property. This provides a backup option in case the selected offer falls through.

Remember that managing multiple offers requires careful consideration and each situation is unique. Working closely with an experienced estate agent can help you manage the process effectively and maximise the benefits of having multiple interested buyers.

Looking for Real Estate Agent Southport Gold Coast and you’ve found yourself here, so let’s chat over a coffee about the process of selling your home and how it all begins. Craig Douglas, your local Gold Coast Real Estate Agent 0418 189 963

Author – Craig Douglas

Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.

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This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight”.

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