Rather than simply starting the negotiating process, acknowledge the offer and tell the buyers that you want 24 hours or so to think about the offer. This is the trick.
You then ask your REALTOR® to alert all other recent buyer visitors or their REALTORS® that an offer has come in and invite these prospective buyers to also submit an offer. To act now!
This step achieves two things:
First, the original offer legitimizes the opportunity and reassures any hesitant buyers, i.e. those that are on the sidelines, that buying your home is a great opportunity and that they would be wise to compete for it.
Second, if other offers do come along, it reassures the first buyer candidate that their decision was sound and again that they would be wise to continue with the purchase.
In essence, from your perspective, it creates an auction type situation.
The question in the buyer’s mind is no longer ‘how much money can I get off the purchase price’, ‘to what do I have to offer to win’?
Admittedly this strategy works best with mid-priced and executive level homes. Successful people are used to winning and like to compete.
Want more information about our discount and flat fee home selling programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014.