How many can you accept?
Failure to complete a sale can be very expensive!
Can I accept more than one offer on my home at the same time?
In recent years, numerous markets have witnessed homes fetching prices exceeding the asking price. Some properties even received a flood of 10+ offers simultaneously.
A common question arises: Can I accept both if they’re good offers, even if it’s just 2?
Many agents will insist you can accept only 1 offer.
That’s nonsense! 😵
A savvy agent understands the potency of a “Backup offer” and how to set it up. 💪
Naturally, you can’t sell the home to 2 buyers, but you can safeguard yourself with a backup offer in case the first one falters. In recent months, many deals collapsed due to shifts in mortgage products and rules. Don’t be confined by rules. Learn how to wield them to your advantage.
👉Back-Up Offer:
Your home garners 2 simultaneous offers. Perhaps a marketing strategy from your Realtor® to attract multiple offers or merely coincidental buyer readiness. You review both and note that one offer slightly outshines the other but bears conditions. Maybe it meets your desired price. You choose one offer as the prime option and inform your Realtor® of your acceptance. This is when your agent’s mettle shines. They should grasp that the second offer is equally good and can serve as a solid backup. A call to the second buyer’s agent should follow, gauging their interest in being a backup option. Your agent must convey that a backup role makes sense, given your reservations about the first offer’s conditions. Create optimism, suggesting that if anything befalls the first offer, they stand to gain the home.
The second buyer agrees to the backup role. ✅
Since selling to 2 buyers is unfeasible, an agreement clause is added, allowing you, the seller, to be released from a previously accepted offer.
In simple terms, you can’t sell to the second without extricating yourself from the first. This is entirely legal.
Once the first offer firms up, a mutual release can free the second buyer. Should the first offer flounder, you can exit it, paving the way for the fully accepted second offer. A win-win scenario.
💥Benefits to the seller:
- Keeps multiple buyers engaged, suspending their search, theoretically.
- As the primary offer bears conditions, you can continue showing the property to maintain momentum.
- Puts pressure on the first offer to solidify, as the second offer stands by.
- Enables you to capitalize on higher-priced offers with less favourable conditions.
I’m perpetually on the lookout for a backup offer. It’s akin to seller insurance but carries no cost. 💰
Sure, it entails more time and effort, but you deserve it.
Let’s discuss it.
