How Can You Generate the Highest and Best Offers?
by: Jeff Quintin, on August 16, 2017 - Home Seller Tips
When trying to get the highest and best offer possible for a listing, there is one strategy I typically recommend.
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Recently I worked with a seller whose listing sat on the market for a little over two weeks before receiving two offers.
These two particular offers happened to be below list price, so the question I want to discuss today is: What is the best way to get the seller the highest and best price?
In situations like the one I described, where the property received multiple offers below list price, what should you do?
Well, there are three options I want to discuss today.
The first is to kindly reject both offers. However, by saying “Thank you, but no thank you” to both offers, you will never really know how much the buyers are willing to come up with.
Secondly, you could help the seller make a counteroffer. Depending on the circumstances, there may be room for negotiation—which could earn the seller a better offer.
You don’t want to scare buyers off.
The last option is to simply accept one of the offers. The tricky thing about handling the kind of situations like the one we’re discussing today is that you don’t want to scare buyers off.
Sometimes the safest option is to accept an offer. However, what we generally recommend is not that. What we typically suggest sellers do is to make a counteroffer to both offers. From there, we let the buyer know that we’re asking for the best terms, price, and condition by a certain deadline—for example, the next day at 5 p.m.
When you make a reasonable, flexible counteroffer and ask each buyer to come back with their highest and best offer, you will be more likely to generate the best possible deal for your seller.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.