If you find yourself in a multiple offer situation – CONGRATULATIONS – you have great taste and found a home that will probably be easy for you to sell when the time comes.
Don’t panic. You’ll either get the house, or you won’t. Either way, the sun will rise tomorrow. These things have a funny way of working out for the best.
Don’t pull your offer (or decide not to make one). I can’t tell you how many times I have had a listing in a multiple offer situation and the best offer withdraws when they find out they have competition!
We do not make decisions out of fear!
This is what you DO:
-Consult with your Realtor about market value.
-Discuss ways to make your offer as attractive to the seller as possible. There’s a lot more to it than price!
-Then make the best offer you are comfortable with.
I have been in multiple-offer situations where a property sells substantially above the asking price. I have been in multiple-offer situations where the property sells a tad below asking price. The priority here is not making an offer as a function of asking price, but making an offer as a function of what the market indicates is a fair value that YOU are comfortable with.
Pro tip: if the seller selects another offer, resubmit yours as a backup. Contracts terminate more often than you’d think!