If you are a homeowner and you want to sell your house quickly, so that you can move to your new house as soon as possible, then you are fortunate because there are a plethora of multiple offers in the seller’s market to your advantage. You can hire Flat Fee Realtor Citrus Heights and they will present multiple offers and counteroffers for your house. This must overwhelm you, so read this blog carefully to understand which is best in your interest.
What is the “Highest and Best Offer” Tactic and How it Works?
In this past year, the demand for an extra room or a little spacious hall has increased by over 59%. So if your house has any of those features, then your house is the hot cake for sale for your Flat Fee Realtor Citrus Heights. Then you will almost certainly face a multiple offer situation, and your agent will almost certainly advise you to go with the “highest and greatest offer” strategy rather than counteroffering to low-priced purchasers.
In this method, you or your Flat Fee Realtor Citrus Heights instruct the purchasers to submit their best offers by a specific date. “SEND IN YOUR HIGHEST AND BEST OFFER BY WEDNESDAY 6 PM,” for example. Because this strategy informs the buyer that they are not the only ones interested in your home, the buyer will either polish their prior offer or perhaps raise their earlier offer.
One thing you have to keep in mind is that “highest” does not mean the “best”. It may persuade you to accept the “highest offer,” only to discover that they have put ludicrous “contingencies” in their purchase agreement. The best offers, on the other hand, may not be the most expensive in terms of price, but they feature superior terms and conditions such as no contingencies, a rapid closing date, a large earnest money deposit, and other bonuses.
Why Should a Seller Use the “Highest and Best Offer” Tactic?
When there are many offers, the highest and best offer approach might be quite advantageous to the seller. If you are selling a home and your Flat Fee Realtor Citrus Heights has advised you to follow this strategy, you will gain in a variety of ways, including:
Better quality offers from flat fee realtor citrus heights
When the sellers want the highest and best offers, the buyers are more likely to make a greater offer than their prior one, as well as a “best offer” by waiving the contingencies or restrictions in order to look really interested in the property. Buyers might even make earnest money deposits to tip the scales in their favor.
Expediting the selling process
When the highest and best offer approach transforms to the highest, best, and final offer tactic, you – as a seller – have the opportunity to accelerate the selling process. In this strategy, you not only inform customers that you want the biggest and greatest offer, but you also warn them that this is the final round of offers. The offer selected in this round will be the final offer. You can use Flat Fee Realtor Citrus Heights to get the best out of their offers.
This might save you a lot of time because you won’t have to deal with negotiating bids and counteroffers on the property.
“Highest, Best and Final Offer”: how does it work?
Ideally, the aforementioned offer strategy works like this:
- The seller uses a listing agent to list the residence for $500,000 with the aid of a Flat Fee Realtor Citrus Heights.
- The seller receives three offers, none of which are very compelling.
- Agent announces various offer circumstances and recommends pursuing the highest, best, and ultimate offer approach.
- Buyers arrive with their most gleaming bids, such as buyer A with $500,000, buyer B with $510,000, and buyer C with $520,000.
Now rest of the process is pretty easy. You need to just choose which one is best for you and sell your house o the person.
In the event of numerous offers, as a seller, choosing the highest, best, and final offer method not only allows you to end the process quickly but also allows you to sell your house for a greater price than your asking price. It may also provide you with the “best offer” with no severe requirements or a faster closing date with the help of Flat Fee Realtor Citrus Height.