Dealing with Multiple Offers
Wow, the Charleston real estate market has been on quite a ride lately. For the past 3 years, demand has been consistently going up and inventory has been going down. This has resulted in a lot of competition for homes, and in turn a lot of multiple offers. Multiple offer situations tend to be exciting for sellers and frustrating for buyers, but also stressful for both. In a fast-moving market like this, it's more important than ever to have an experienced Charleston Realtor on your side. Here are a few ways that multiple offers are usually handled by sellers:
1. Accept one offer - Sometimes several offers come in and one is acceptable to the seller, so they sign it and it's done. They have no obligation to respond to any of the other offers.
2. Negotiate with the best offer - If none of the offers are acceptable, the seller can negotiate with one buyer at a time by submitting a counter-offer.
3. Highest and best - This is becoming a popular option where the seller goes back to all the offers and asks for their best terms.
As you can see, there's a lot to think about when buying or selling a home in Charleston, especially when multiple offers are involved. Remember to give us a call if you need advice on this or anything else real estate related.