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Sell your property without any confident about your preparations! Tips: — Real Estate Agent Toronto

How to Respond to Multiple Offers When Selling Your Home in Vaughan and Richmond Hill

March 29, 2015

selling a houseOK, you are going to sell your property, and you feel confident about your preparations. You have hired a real estate professional and you are listening to what they have to say. Turns out that the advice worked, because now you have multiple offers for your property – you just entered into a much sought-after negotiation position!

Because of the high demand in certain places in the greater Toronto area, it is not uncommon to see sellers receive a number of offers for their property. This often happens if you price below the actual market value. This should be a sign right away that you may want to consider this strategy when selling your property. I have seen many sellers receive a much higher price than originally requested, just because their initial lower price managed to create interest from multiple parties.

How do I respond to multiple offers professionally?

If you only have two offers, the choices are limited and the negotiation process is straightforward – you simply go with what appears to be the best offer for you. However, because of the high demand, some areas may garner upwards of eight offers. How are you going to deal with all those offers? In those situations, it is good that you have a qualified professional (such as a real estate broker) who can help get you the best deal.

When you are working with a real estate professional, it is important to get answers to the following questions about each of the offers for your property. Without it, you might make the wrong choice:

  • Is the buyer preapproved for the desired mortgage?
  • If so, where is the preapproved mortgage from? What lending institution?
  • Is there a verbal or a written agreement between the lender and the buyer?
  • Are you dealing with a first-time buyer?
  • Before proceeding with your deal, does the buyer need to find someone to buy his or her property?

And there are many other factors that you still would have to consider. If you can get answers to those questions, you can determine the financial stability of your buyer and learn just how serious they are about buying your property.

Further considerations

After you consider the offers, you have to deal with your own personal emotions about the situation. You naturally want the best possible deal, who would not? However, you have to consider the different scenarios before you proceed.

For example, what if you ask for something that goes above the budget of your prospective buyer? You may risk losing your buyer. Even if your property was ‘perfect’, if the price is too high, they may have to consider a more affordable property. If this was your only selling opportunity, you now have no one left to sell to and you start back at square one.

Even if you do receive a great offer that is higher than you might have expected, it does not mean that you are able to proceed right away. Sometimes the mortgage lender will simply refuse to cover an inflated price, they do not see value in the proposition. Here you might have thought you found a great deal, but it turns out that you are not quite there yet.

Remember – each deal is unique

If you have an experienced and knowledgeable real estate professional working for your benefit, you know that you are going to get the best possible deal for your property. If you want to succeed at buying as a real estate agent, it means dealing with tough clients, hammering out a deal even when it seems difficult, and knowing when to trust, and when not to.

I will always carefully consider potential buyers, to make sure that you get the best possible offer. The important questions that I might ask are dependent on the deal. Sometimes it is important to know why the buyer is interested in this specific property, other times it is more important to learn about their job security.

I will always use all the different tools at my disposal to do research. This means that when we do find a buyer, you know that you did not step into a deal haphazardly.

The best deal = looking at the details

As a professional, I do tell each of my clients to look at the most practical offer that they receive. Sometimes this might not be the highest offer, but it would be the one that ‘makes the most sense’. This means finding a buyer with a stable financial background, who can get the transaction done quickly.

All the best in getting the best deal if you have multiple offers on your property. However, remember that you cannot be sure that the deal is closed until ALL of your paperwork is signed.

For more information you can call me right now: 416-825-7888 or email angela@azgta.com

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