If you’re looking to purchase a house in a competitive market, you might find yourself in a multiple offer situation, meaning there is at least one other party interested in the same property as you. This can be stressful for both buyers and sellers, so it’s important to know how to navigate the situation carefully.
When it comes to multiple offers, the listing agent may advise the seller to request “best and final” offers. In this case, buyers are asked to submit their strongest offer by a set date and time, at which point the seller will review all offers, compare the various terms, and choose which one to accept.
If you find yourself in this situation and feel like it’s the perfect home, this is your time to go all-in with your best offer. However, it’s essential to remember that every seller has different needs and goals for selling their home beyond just the price. For example, flexibility to close at a later date may be more important to some sellers. In such cases, your agent can assist you in framing the various terms required to make your offer clean, compelling and complete.