Multiple Offers on a House Insights for Buyers Facing a Bidding War By Julie Ryan Evans May 16 2019

For sellers, getting multiple offers on a house is a dream. But for buyers who have fallen in love with a particular property, hearing that their offer is one of many can be maddening. Having to compete with other buyers means your chances of getting the home will likely be harder.
So what happens when multiple offers come in—and, most importantly, what are the chances of your offer rising to the top?


The seller can accept an offer outright, counter all offers, or choose to counter some of the offers and not others. The buyer’s terms and contingencies are also taken into account, as well as pre-approval letters, appraisal requirements, and the closing time the buyer is asking for.


Most sellers will ask the buyers who made original offers for their highest and best offer by a particular time or date. That gives you time to up your offer if you really want the property.


Don’t bank on being able to submit another offer, though. You may get only one shot to express your interest in a home, so if you truly love it, your first offer should be the highest and best offer.


If someone else is willing to pay more than you feel it’s worth, let it go and work on the next one.


If you do find yourself falling hard for a house, consider writing a personal offer letter directly to the sellers. Sometimes owners accept less money because they loved the letter they received.


For more tips on how to work a multiple offer scenario go to bmre.us/tip14