You've successfully added your home to the list of Beavercreek homes for sale, and suddenly you're receiving an influx of offers. Multiple offers are every home seller's dream. They usually lead to bidding wars and a higher sales price. But with all the uncertainties that come with being pulled in opposite directions by different compelling offers, it's common for sellers to make the mistake of overplaying their hand. With multiple offers on your home, you'll be in a negotiation position and you need to play your cards well.  Here are a few tips on how to make the right decision when there are multiple offers on your home.

• Start With Price But Look Beyond That
  You're probably hoping to make as much money as possible, so it makes sense to get excited about a nice, big, high-priced offer. The chances of selling your home over your asking price increase when you're involved with a bidding war on your home. But that doesn't mean you should automatically go for the highest offer. Real estate offers involve more than just the dollar amount being offered. Review the terms of the entire contract and consider how much cash the buyer is going to include in the offer.
  
  
• Look Closely at Contingencies
  Buyers making an offer often include a number of stipulations that, if not met, allow them to opt out of the deal. They may require that your home has to an inspection, they must get approved for a mortgage, or your home appraises for a certain amount. Other buyers will want to buy your home contingent on selling theirs first. Contingencies can make the deal harder to complete, so contracts with fewer conditions are better.
  
  
• Consider Buyer Funding
  Buyers can offer any amount they want to offer, especially in a bidding war over "the home of their dreams." If the buyer plans to pay in cash, it's no big deal. But what happens if they have been approved for a loan that's smaller than the offer they make? Such an offer can be a struggle to honor.  In some cases, a buyer will make an offer before they're even preapproved for a mortgage. An offer from a preapproved buyer is usually stronger than from a pre-qualified buyer. Also, you might be better off considering a buyer who has been pre-approved for a loan big enough to cover their offer.
  
  
• Consider What Your Home is Worth
  When a buyer makes a high offer, you need to compare the price to your home's actual value. You're more likely to run into problems with the mortgage company if the appraised market value is less than what the buyer is offering. It's possible for the sale to go through, but only if the buyer is willing to spend their own money to pay for the difference between the offer and the loan amount. Alternatively, you could choose to fight the low appraisal or just lower the price.
  
  
• Review Closing Periods
  The time to close is usually a significant factor in a multiple offer situation. Naturally, you want to close the sale as quickly as possible. But you might be surprised to find that the buyer with the most attractive offer wants several months before the deal can be closed. If you're reviewing similar offers and are in a hurry to move, a quick closing is ideal. If you have the time on your hands, it may be worth waiting for the higher offer.
  
  
• Clarify What You Want
  Set your goals, go through each offer one by one, and consider advice from your real estate agent. You could choose to ask each party for their "best and final offer." However, if there was an offer that blew you right away, you might want to just go with it. If you want the most money possible, go with the highest offer if it makes sense to you. But it would be fine to take a lower offer if you get what you want - quick closing, no contingencies, or cash payment. And remember, sometimes it's better not to gamble.

Our REALTORS® can help you handle multiple offers on your house and choose the best buyer who's most likely to provide the outcome you desire. Contact Wright-Patt Realty to get started.