Call Us (651) 341-8840

About the Author

Hello!

We're Team Kathy Borys

We’re your Minneapolis – St. Paul – Twin Cities Real Estate Agents who love to laugh, check out the local scenes, and keep you up-to-date on the latest housing market trends in the area.
Whether you’re thinking of buying your first home, relocating to the Twin Cities area, or looking for your “forever home”, we’re here to share our expertise, insights, and of course, some fun, to help you explore all that our metro area has to offer! 

You'll Also Love...

Stay Connected

Sign up for our newsletter to stay informed on the latest Twin Cities real estate market insights from us!

Share this Article

Navigating Multiple Offers: Deciphering the Best Option for Sellers

Multiple Offers

 

The age-old question: is the highest offer always the best offer in a multiple offer situation?  Well, not necessarily. L et’s dive into this topic a bit deeper.

Picture this: you’ve listed your home, and suddenly you have multiple offers. It sounds like a seller’s dream come true, right?  While it can be incredibly exciting, it can also be a bit overwhelming.  So, how do you decide which offer to accept? Here are some easy to follow guidelines.

Understanding Contingencies

One crucial factor to consider is what contingencies are included in each offer. Contingencies are conditions that must be met for the sale to go through. Typically, fewer contingencies mean fewer chances for a buyer to back out. While financing and home inspection contingencies are common, it’s essential to weigh the importance of each contingency against the offer’s overall value. For example, a cash offer might come in lower than others, but its lack of financing contingency could make it more appealing in the long run.

The Power of Cash Offers

Cash offers reign supreme in multiple offer situations. Why? Because they’re typically the most likely to close on time without hurdles or challenges. For sellers looking for a seamless transaction, a cash offer might be the way to go, even if it’s not the highest bid on the table.

Creative Solutions

Sometimes, the best offer isn’t just about the bottom line. Consider the buyer’s flexibility and willingness to accommodate your needs ( specific closing date or chance to rent back the home). If you need time to find a new home, for example, ask if the buyer would be open to a rent back arrangement as part of the contract. These creative solutions can often tip the scales in favor of one offer over another.

Exploring Extras

Finally, don’t forget to consider the “extras” included in each offer. An escalation clause, for instance, could sweeten the deal by automatically increasing the offer price if competing bids come in.

In Conclusion

So, is the highest offer always the best offer in a multiple bid situation? Not necessarily. The decision will ultimately depend on your unique circumstances and priorities as a seller. By carefully weighing each offer and it’s contingencies, financing, flexibility, and extras, you can make an informed decision that best serves your needs.

Your Dream Home is One Search Away.

Skip to content