NOT TAKING THE FIRS G THE FIRST QUICK BID
This scenario happens frequently:
A seller receives an early offer and suddenly feels confident that the house will sell easily, perhaps even sparking a bidding war. It can be tempting to hold out for a better price, especially when your home is newly listed. But that's a big mistake. In my experience, the general rule in real estate is that the first offer you receive is often the best one. Failure to act can have significant consequences. I once had a seller who received a cash offer from the first buyer just two days after the property went on the market. Instead of accepting the offer, the seller decided to continue showing the property for a week before deciding. By the end of that week, the buyer had lost interest due to the delay and purchased another property. The original property remained on the market for weeks and eventually sold for much less. When inventory is limited and buyer demand is high, sellers generally have more leverage, and buyers are typically willing to offer at least the asking price when the home first hits the market. Receiving an early offer usually indicates strong interest in the property. If that first offer meets or exceeds the asking price, it might be wise for the seller to accept, especially if it aligns with their expectations and current market conditions. Another option is to counter the offer, which the prospective buyer can accept, reject, or counter.
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