Three Things Sellers Should Know in Multi-Offer Situations

Fort Worth real estate listings are still low.   The current month’s inventory is 2.6 as can be seen below.   A healthy real estate market is considering to be six. 

With this low inventory, you get some appealing situations with Forth Worth real estate listings.   As a seller, you can’t beat this environment.   I had a listing over the weekend get 26 showings in two days.  Three offers were submitted the first evening.  My client decided to set up a multi-offer situation, where we alerted everyone that they needed to get their final and best offer into me by a certain date and time.   We ended up with 12 offers with all of them being over asking price.  My seller was very pleased with the results.  

If you do list your home, it is likely you will find yourself in a similar situation.   Although this is ideal situation to be in, having people compete for your home in a bid process, you need to understand some basic things about multi-offer situations.  With this mind, I created the infographic below.    It has three main messages.

1.  Highest price does not always make for the best offer.  You have many questions to consider as you are going over the offers. 

2.  Multi-offer situations are stressful.    The National Association of Realtors gives us some good information on how to keep cool heads during the process. 

3.  What about Backup offers?   It would seem that multi-offer situations are a perfect scenario for backup offers.  However, not everyone thinks so.

Three Things Sellers Should Know about Multi-Offer Situations - fort worth real estate listings

Photo courtesy of Adam Wright