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Who Will Get Keys When There Are Multiple Offers?

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

When you find yourself fortunate to have multiple offers on your home, the decision can feel overwhelming. Focusing solely on the highest price is easy, but several other factors could impact your overall experience and future plans.  You always have a choice and hope you chose the right one.

Here are some key points to help you evaluate your offers:

Price vs. Terms: While it's tempting to go with the highest offer, take a moment to consider the terms attached to each one. Look at the closing timeline—do you want a quick sale, or are you willing to wait a little longer for a better offer? Sometimes, a slightly lower price could come with a more favorable closing schedule that better suits your needs.

Type of Financing: Different financing options can impact a deal's reliability. Offers backed by conventional loans can be solid but don't overlook FHA or VA loans, which may also work well. An all-cash offer is often attractive since it closes quickly without financing hiccups. Always verify proof of funds for any cash offers.

Buyer Contingencies: Pay close attention to each offer's contingencies. If someone is willing to take your home as-is, has waived the inspection, or agreed to a nonrefundable earnest money deposit, that could signify a stronger commitment. Weigh the pros and cons—this might save you time and stress.

Rent Back Options: If you need time to find a new place to live, consider whether an offer allows you a rent-back option. This allows you to stay in your home after the sale, providing flexibility during your transition.

Personal Connections: It’s natural to feel inclined to give preferential treatment to friends or family. However, you must remain fair and objective. Consider how each buyer’s offer aligns with your priorities and whether personal feelings should influence your decision.

Trust Your Realtor's Insight: Your Realtor has experience in negotiations and market dynamics. Maybe they worked with the buyer agent or lender on other transactions? Pay attention to their recommendations and insights. They can provide valuable context for the strength of each offer.

Ultimately, the right decision will depend on your specific circumstances, from your timeline and financial goals to how you feel about each offer. Take your time to weigh these factors and choose your best offer. Trust your instincts along the way! You decide who gets the keys to your house.

Maintain contact with the other buyers who toured your house. Would they consider being a backup offer? Yes, sometimes this is necessary!

Considering your choices, good luck on making your final decision and hoping for a smooth settlement.

Questions about buying or selling your home

Call Margaret Rome

Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


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Show All Comments Sort:
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Brian England And I have a different take on multiple offers. That's for another post.

Feb 09, 2025 07:10 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hi Margaret,
You are so right in that the highest price isn't necessarily the best offer. There is a lot to consider and the circumstances of every transaction are different.

Feb 09, 2025 07:13 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Carol Williams,

Reviewing, summarizing, and advising requires time, mainly when competing offers exist, and communication with all the other agents can be challenging. This reminds me of another transaction. I feel a new blog post is in the making. 

Feb 09, 2025 07:25 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Associate Real Estate Broker

When it comes down to multiple offers, the agent needs to carefully explain each to the seller and together make the right decision.

Feb 09, 2025 07:29 AM
Margaret Rome Baltimore 410-530-2400

Ed Silva, 203-206-0754 

For sure. Each offer has to be reviewed and compared to make the best decision.

Feb 11, 2025 06:28 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Hello, Miss Margaret Rome Baltimore 410-530-2400 one component that may play a role in determining who gets the keys is the agent representing the buyer(s). So many buyers never know their offer was not accepted because of their agent. The reasons are many.  It starts with how they packaged the offer.  

Feb 09, 2025 07:30 AM
Margaret Rome Baltimore 410-530-2400

Kathleen Daniels, Probate & Trust Specialist 

Ah, the unspoken truth about the person who wrote the offer. 

Feb 11, 2025 06:30 PM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Many options to explore when looking at multiple offers and it seems the last couple of years have greatly added to the importance of examining ALL aspects of an offer, not just the price.  m

Feb 09, 2025 08:05 AM
Margaret Rome Baltimore 410-530-2400

Mark Don McInnes, Sandpoint-Idaho

The price is important, but it only matters if the other terms are beneficial to the seller.

Feb 11, 2025 06:36 PM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Margaret this is excellent advice.  From a Loan Originator's point of view, the type of financing can send up a red flag.  If I was a Seller I would be very cautious with anyone requiring Non-QM (non-qualifying mortgage) financing.

Feb 09, 2025 12:04 PM
Margaret Rome Baltimore 410-530-2400

George Souto 

You raise an excellent point! It’s essential to connect with the lenders behind each offer. This can really help you gain valuable insights!

Feb 11, 2025 06:39 PM
Lew Corcoran
Better Living Real Estate, LLC - East Bridgewater, MA
Expert guidance. Exceptional results.

I really appreciate the valuable insights you've shared about navigating multiple offers, Margaret Rome Baltimore 410-530-2400; it's such a crucial part of the home-selling process! Your tips on balancing price, terms, and personal connections are super helpful—thanks for this thoughtful guidance!

Feb 09, 2025 01:22 PM
Margaret Rome Baltimore 410-530-2400

Lew Corcoran

Thank you! Your comments are always thoughtful and kind, adding a special touch to every conversation!

Feb 11, 2025 06:43 PM
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 602.710.8161 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Excellent advice for Sellers who receive multiple offers, and for Buyers who are competing with other Buyers. In Arizona we have a form Multiple Offer Counter Offer, which is a great tool to negotiate in writing, so that there are less disappointed participants in this mini auction, multiple offer situation. I will re-blog this post.

Feb 09, 2025 04:28 PM
Margaret Rome Baltimore 410-530-2400

Steffy Hristova, Thank you for reblogging. Your multiple offer counter sounds helpful. Would you be willing to share that form?

Feb 11, 2025 06:46 PM
Steffy Hristova

Hi Margaret, I will be glad to send you the form. Writing a blog about it is on my To-Do List. It will happen soon. :)

Feb 12, 2025 07:00 AM
Aura Alex
Seattle, WA
Retired Real Estate Pro

Hi Margaret,

Cash (with solid proof of funds) is king, but a serious buyer willing to offer above-average earnest money and a heartfelt letter about why they love the home can stand out in this competitive market. Story sells!!

Buyer agents are encouraged to present their clients' offers in person for maximum impact.

FEATURED in the Old Farts Club

 

Feb 09, 2025 05:49 PM
Margaret Rome Baltimore 410-530-2400

Aura Alex 

Thank you very much for the feature! We have been strongly advised not to encourage those letters. Additionally, it is not common for the buyer's agent to present the offer in person here.

Feb 11, 2025 06:50 PM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

We never know what is going to happen with any of our transactions. They can certainly turn on a dime at times.

Feb 09, 2025 06:16 PM
Margaret Rome Baltimore 410-530-2400

Dr. Paula McDonald 

Oh, so true. That's why having a seasoned agent working with you is so important.

Feb 11, 2025 06:54 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I just tend to have to keep the best report possible and usually if they’re hiring me because they have a specialized way of doing things, they tend to be very open minded. I’m grateful for that much. :)

Feb 09, 2025 09:06 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

And one more  thing to remember that is that multiple offers means that you are busy and successful and that may be a blessing in disguise.

Feb 09, 2025 09:08 PM
Margaret Rome Baltimore 410-530-2400

Laura Cerrano

Busy, for sure! Always good to see you.

Feb 11, 2025 06:56 PM
Anna "Banana" Kruchten
Retired Broker/Owner - Phoenix, AZ
602-380-4886

Hi Margaret - in our 'crazy' market times buyers sometimes think or used the idea that highest offer will win.  And as we know there are so many other factors to consider - as you've pointed out well.  We had a number of all cash, quick close that were very attractive to sellers all things being considered.

Feb 10, 2025 11:23 AM
Margaret Rome Baltimore 410-530-2400

Anna "Banana" Kruchten

I remember you have been handling multiple offers for decades.

Feb 11, 2025 06:58 PM
Anna "Banana" Kruchten

Yup!  I started in a market that had muliples and learned quickly what to analyze and present to seller. And then a few years later it was slow as molasses!

 

Feb 12, 2025 10:53 AM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

It is interesting how the best offer in a multiple-offer situation often rises immediately to the top.

Sure, there are others that require more negotiations, maybe a counter offer or multiple counter offers. But sometimes, you just don't want to let the best offer get lost trying to get a better one.

Feb 10, 2025 01:23 PM
Margaret Rome Baltimore 410-530-2400

John Juarez

For sure. It is easy to lose a viable buyer by waiting for a better offer.

Feb 11, 2025 07:01 PM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Margaret. Who can benefit from your wisdom? Everybody's let's give you a bit of exposure with a feature here in BananaTudes. Congrats! 

Feb 11, 2025 08:06 AM
Margaret Rome Baltimore 410-530-2400

Aww, Wayne Martin, thanks so much. You do know how much the Tudes are appreciated and a feature is bonus!

Feb 11, 2025 07:03 PM
Gary J. Muccio, Associate Broker
Keller Williams of Central PA - Camp Hill, PA
Exceptional Customer Service!

Excellent advise, Margaret!

I agree with Brian England - I too love it when my listings get multiple offers, but it is a hard call to make to those buyers whose offer was not selected. In the heat of things a few years back, I had 33 offers on one home. It took all day to sort through the offers an organize them in a meaningful way for the seller to evaluate. Continued success to you!

Feb 11, 2025 02:24 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Gary J. Muccio, Associate Broker, Thank you.

I can't imagine dealing with that many offers on the same property.

Feb 11, 2025 07:06 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Margaret:

Having multiple offers presents a number of challenges and making the right decision is not always easy nor should it be made in haste. Having the right listing agent to help sellers evaluate all the issues and make the right decision based on the seller's needs and wishes. The best price may not be the best offer in the overall analysis.

Jeff

Feb 12, 2025 07:45 PM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

It is not always about price, those terms can make a large difference. I have had sellers take a lower price due to the terms being offered being much more attractive to them for one reason or another.

Feb 14, 2025 06:58 AM