Selling your home in Spokane’s competitive real estate market can be an exciting and rewarding experience—especially when you receive multiple offers. A bidding war can drive up the sale price and give you more negotiating power, but it also requires careful handling to maximize your profit and ensure a smooth closing process.
This guide will walk you through how to attract multiple offers, what to do when you receive them, and key factors to consider when selecting the best one.
How to Attract Multiple Offers on Your Home in Spokane
Price Your Home Strategically
Pricing your home correctly is one of the most important factors in attracting multiple offers. Overpricing can discourage buyers, while underpricing may lead to a quicker sale but with less profit. Research comparable home prices in Spokane, work with an experienced real estate agent, and consider pricing slightly below market value to encourage bidding competition.
Enhance Curb Appeal and Home Staging
First impressions matter. A well-maintained home with strong curb appeal attracts more buyers and increases the chances of multiple offers. Consider:
Freshening up the exterior with landscaping and a new coat of paint
Decluttering and staging rooms to highlight your home's best features
Using professional photography to make your listing stand out online
Market Your Home Aggressively
A comprehensive marketing strategy increases your home's visibility and attracts a larger pool of buyers. Key marketing tactics include:
Listing on popular real estate websites and social media platforms
Hosting open houses and virtual tours
Utilizing email marketing and real estate networking
Work with a Skilled Real Estate Agent
A knowledgeable real estate agent understands Spokane’s market and can leverage their connections to bring in serious buyers. They can also guide you through pricing, marketing, and negotiations to help secure multiple offers.
What to Do When You Receive Multiple Offers
Understand the Terms Beyond Price
While a high offer is tempting, price isn’t everything. Look at the entire offer, including:
Contingencies (inspection, financing, home sale, etc.)
Closing timeline
Type of financing (cash vs. mortgage-backed offer)
Use a Multiple Offer Disclosure Strategy
Once multiple offers start coming in, you can notify buyers and encourage them to submit their highest and best offers. Transparency is key, but it's important to follow ethical and legal guidelines. Your real estate agent can help you navigate this process.
Consider a Bidding War Strategy
A bidding war can significantly increase the final sale price of your home. You can:
Set a deadline for best and final offers
Utilize escalation clauses to push offers higher
Key Factors to Focus on When Choosing an Offer
The Strength of the Buyer’s Financing
A cash offer is generally the safest and fastest option since it doesn’t rely on lender approval. However, if you’re considering a financed offer, prioritize buyers who are pre-approved rather than just pre-qualified.
Closing Timeline and Flexibility
Some buyers may be willing to close quickly, while others may need more time. Choose an offer that aligns with your timeline and consider requesting a leaseback agreement if you need extra time before moving out.
Contingencies and Their Impact
Contingencies protect buyers but can introduce risks for sellers. Common contingencies include:
Inspection contingency: Buyers can renegotiate or back out based on inspection results.
Appraisal contingency: The home must appraise at or above the agreed price.
Home sale contingency: The buyer must sell their current home before purchasing yours.
Fewer contingencies typically mean a smoother and more secure transaction.
How to Negotiate for the Best Possible Outcome
Leveraging Competing Offers
Use multiple offers as leverage to negotiate better terms. You can:
Ask your top buyer to match a competing offer
Request an escalation clause where buyers automatically increase their bid if outbid
Negotiate closing costs or favorable terms
The Role of Your Agent in Negotiation
Your real estate agent will handle negotiations, ensuring that you get the best deal without scaring away potential buyers. They will also help structure counteroffers to maximize your final sale price.
Finalizing the Sale with Confidence
Reviewing the Final Contract Carefully
Before accepting an offer, review all contract details to ensure they align with your expectations. Confirm that financing, contingencies, and closing timelines work in your favor.
Preparing for the Closing Process
Once you accept an offer, ensure all required paperwork is in order. This includes:
Completing any agreed-upon repairs
Scheduling the home inspection and appraisal
Coordinating with the title company for a smooth closing
What to Do if a Deal Falls Through
Sometimes deals fall through due to financing issues or other unforeseen circumstances. If this happens:
Have a backup offer in place
Consider re-listing and adjusting your strategy
Work with your agent to re-engage previous interested buyers
Conclusion
Receiving multiple offers on your home in Spokane is a great position to be in, but it requires careful decision-making. By pricing strategically, marketing aggressively, and evaluating offers based on more than just price, you can maximize your profit and ensure a smooth sale.
Working with an experienced real estate agent can make all the difference in handling multiple offers effectively. Whether you’re selling your first home or are a seasoned seller, following these strategies will help you get the best possible outcome.
FAQs
How can I increase my chances of getting multiple offers on my home in Spokane? Price your home competitively, stage it well, and use an aggressive marketing strategy with the help of a skilled real estate agent.
What should I prioritize when reviewing multiple offers? Beyond price, consider financing strength, contingencies, and the buyer’s flexibility with the closing timeline.
How does a bidding war work, and is it a good idea? A bidding war happens when multiple buyers compete for your home, often increasing the final sale price. It’s generally beneficial but requires careful handling to avoid losing potential buyers.
Can I negotiate even after accepting an offer? No, once you sign a contract, renegotiation is difficult unless the buyer requests changes due to contingencies. However, you can negotiate before formally accepting an offer.
What if I accept an offer and the buyer backs out? If a buyer backs out due to financing or contingencies, you can turn to backup offers or relist the home. Having a strong contract in place minimizes this risk.
Related Articles
About Me
My name is Nick Briggs
Being born and raised in Spokane I grew up knowing what a special place this city is, and it was my dream to help others create a life in this wonderful community by guiding them in real estate. I spent many years in the customer service industry, the experience of listening and communication showed me how much I truly loved helping people. I attended Gonzaga University and earned a Bachelor’s Degree in Business Administration to add to my knowledge of guiding, managing, negotiating, and listening to individuals, helping them achieve their real estate goals.
Comments