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How to Handle Multiple Offers on Your Flat-Fee MLS Listed Home

Updated: Jul 1

If you're selling your home through a flat-fee MLS listing in Illinois, you may be faced with the exciting but sometimes overwhelming situation of receiving multiple offers. While this may seem like a dream scenario for sellers, it's important to handle the situation carefully and strategically to get the best outcome.

With some simple tips and tricks, you can navigate this process confidently and make informed decisions that will benefit you and potential buyers. Let's explore some strategies for handling multiple offers on your flat-fee MLS-listed home in Illinois.

Set a Deadline For Offers

When you start getting offers on your flat-fee MLS-listed home, it’s important to establish a clear deadline for when all offers must be submitted. This creates a sense of urgency among potential buyers, prompting them to put in their best bid quickly. Having a set deadline can avoid the hassle of new offers trickling in over several days, which can complicate decision-making.

A firm deadline allows you to compare all offers side by side, making it easier to spot the best deal. Inform all interested parties about the deadline in advance so everyone is on the same page. Once you have collected all the offers, you can review them simultaneously, ensuring you make a well-informed, timely decision.

Prioritize Cash Offers

Cash offers often stand out because they promise a quicker and smoother closing process. When a buyer uses cash, there's no need to wait for loan approvals or deal with financing that might fall through. This reduces the chance of complications and can speed up the entire sale, which is especially appealing if you want to close quickly.

Consider ranking cash offers higher if reducing potential complications is your priority. Cash buyers typically have fewer contingencies, making the transaction more straightforward. By prioritizing these offers, you can avoid many of the uncertainties of financed deals, leading to a more efficient and stress-free selling experience.

Evaluate Contingencies

When looking at multiple offers, pay close attention to any contingencies related to inspections, appraisals, and the buyer's current home sale. Fewer contingencies usually mean fewer chances for problems, helping the sale go through faster and more smoothly.

For instance, if an offer includes an inspection contingency, the buyer might request repairs or a price reduction based on inspection results. This could delay closing or reduce your final sale price.

Similarly, appraisal contingencies can be risky if the appraised value comes in lower than the offer price, leading to potential renegotiations. Offers contingent on the buyer selling their current home pose additional delays since your sale depends on another transaction.

By carefully evaluating these contingencies, you can choose an offer that minimizes risk and aligns with your preferred timeline and financial goals. This will streamline the process and increase the chances of a successful and timely sale.