Navigating Multiple Offers When a Property Is For Sale
Navigating Multiple Offers When a Property Is For Sale
Multiple offers mean competition; preparedness and strategy win. Submit a clean, well-documented offer with pre-approval, and consider sweeteners like a flexible closing date or higher earnest money. Avoid underpricing unless you're comfortable losing the property to a higher offer.
Be strategic with escalation clauses (automatically increasing your offer to beat competition) but cap them to avoid overpaying. If asked for highest and best, present your best realistic offer — don't reveal internal negotiation limits. Sometimes offering non-monetary concessions (e.g., covering seller's closing costs) can win without raising price dramatically.
If you lose the bid, ask for feedback through your agent and watch for similar listings — many comparable properties will appear and present better opportunities if you're ready.