What happens if a Seller Receives Multiple Offers?

Wellington Florida Real Estate Q&A:

Question: I just submitted an offer on a Wellington home and was told the seller has received 9 other offers, what happens now?

Answer: Every seller handles multiple offer situations differently. As a Wellington REALTOR, who works with both home sellers and buyers, I’ve seen multiple offer situations handled many different ways, but below are the three most common.

1. Some sellers will request “highest and best” from all buyers and provide a day and time of when the “highest and best” offers will be due.

2. Some sellers may decide to accept one of the offers they received.

3. Some sellers may choose to counter one of the offers they received to see if they can come to an agreement.

In my experience most sellers will request “highest and best,” but it is very important for Wellington home buyers to know every seller handles multiple offer situations differently and in some cases the seller won’t even disclose they have multiple offers on the table.

Similar Offers in a Multiple Offer Situation:

Question: So what happens if the seller receives 10 similar offers?

Answer: It is very common for sellers to receive similar offers especially if they requested “highest and best.” In my experience when this happens the seller will analyze every single term; price, escrow, financing, closing date, contingencies and concessions. Usually when a seller does this 10 offers may easily be narrowed down to 1-3, but if it’s more than one and they can’t decide they might counter one of the offers to see if the buyer will change any of their terms, like increasing the purchase price or removing a contingency.

If you are looking to buy or sell your Wellington home contact us today! You can reach us 7 days a week by calling 561-333-0446 or via e-mail @ Contact@WellingtonHomeTeam.com.

What happens if a Seller Receives Multiple Offers?