But there’s more to this story. Human nature will take over. We’ve just created a prime situation for competition to abound. Everyone who sees the home and loves it will want to make an offer. Buyers will know from the start that you’re potentially getting offers from countless other people. You have just set yourself up to take multiple bids at once, and this gives you the freedom to go with the best one. Potential homeowners who want your house are going to start bidding high, and they might keep overbidding each other. In this type of situation—a bidding war—it's not uncommon for the seller to come away with more than their asking price. In reality, you might get only one bid by the Monday after your open house; however, the buyer isn’t privy to that information. The fact that they know they could be competing against other offers works in your favor.
NEGOTIATION TECHNI N TECHNIQUE #4: UE #4: An Expiration Date for Extra Motivation
Remember, once you and the buyer agree to an offer and sign the contract, you are legally bound to see the process through until you and the buyer either close the deal or agree to cancel the contract. This means you can’t accept a higher offer if one comes along later. However, there’s a way you can counteract this problem. You can set yourself up for a higher selling price and a shorter waiting time. To help sell your home quickly for the most money possible, put an expiration date on your counteroffer.
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