Multiple Offers

The term multiple offers refers to a situation that will often happen in a very hot real estate market or an up-and-coming neighborhood. Sellers who receive multiple offers will usually have a hot property at a good price. They will be in a seller’s market where many buyers are competing for only a few homes. These sellers will have the ability to look over many different offers in order to accept the one that makes the most financial and logistical sense. With multiple offers, the seller gets to make a choice on who he or she wants to do business with. The other consequence of having multiple offers is that sellers are more likely to get something close to their asking price. When many buyers have to compete with one another, they are more likely to up their bids in order to meet what the seller is looking for.