This is the seventh post in a blog series on tips for selling a home in a bidding war. If you’re just joining us, you can read Part 1, Part 2, Part 3, Part 4, Part 5, and Part 6 here.
Tips for Selling a Home In Northern Virginia – In a Multiple Offer Scenario, Don’t Disclose the Amount of Each Offer You Receive
When multiple offers come in, have your listing agent simply not disclose the amount of each offer. The effect here is to create a “blind auction” of sorts. When a buyer loves your home, but they don’t know how much other interested buyers are willing to pay for it, you begin to quickly discover how badly they want it, and that discovery often comes in the form of the buyer basically bidding against themselves.
When a bidding war is brewing, have your listing agent simply instruct buyers’ agents to bring their offers by a certain deadline. What’s one of the first rules in a negotiation? The party that speaks first loses, right? Well, by forcing people to bring offers by a preordained deadline, you’re basically forcing the parties to “speak first”. If they want the property, they’ll need to bring a strong offer, potentially with an escalation addendum.
Now, I’m by no means saying that’s it’s always a bad idea to disclose the amount of another offer… Read Part 8 of my blog series on tips for selling a home in Northern Virginia in a bidding war.
Email me at DarrenRobertsonHomes@gmail.com for more great tips for selling a home in Northern Virginia!