How Should Sellers Handle Multiple Offers in Westchester County, NY?

When several buyers want the same home in Westchester County, NY, the seller has more choices, but the way those offers are requested and answered can decide whether the strongest buyer stays in or walks away. A few early missteps can cost a seller money or leave them without a backup if the first deal falls apart.

Daniel M. Berger, a Licensed Broker/Owner in New York and Connecticut with RE/MAX Prestige Properties, specializes in Westchester County, NY, and Fairfield County, CT. He handles more than 55 transactions a year and has worked on deals with as many as 19 competing buyers. Multiple offers are usually the easier situation for a seller, he says, as long as the process is handled with care.

Ask for Best Offers, Not Final Ones

A common approach is to tell every interested buyer there are multiple offers and ask for their “final and best” by a deadline, such as 5 p.m. the next day. Daniel uses a deadline but avoids the word “final.” “It makes it sound like we’re done,” he says. Instead, he asks buyers to send in their best offers and tells them he will review each one.

From there, he usually focuses on the top three. He may tell the third buyer that two offers are higher and, in some cases, where they would need to be to stay in the running. That leaves room for strong buyers to improve their terms instead of ending the process after one round.

Many buyers push back because they feel they are bidding against themselves. Daniel’s answer is straightforward: they don’t have to change anything, but if they don’t, another buyer is likely to get the home.

Look Beyond the Highest Price

Multiple offers give a seller more flexibility, both in choosing a buyer and in asking buyers to waive certain provisions. Price matters, but so do the terms behind it.

Daniel sees this from the buyer side as well. When he represents a buyer in a crowded field, he may package the loan so it is as easy as possible to approve, or have the buyer waive the appraisal and agree to purchase no matter what the bank appraises the home for. For a seller comparing offers, terms like these can make one offer more likely to reach the closing table than another.

It also helps to keep more than one buyer in view. On a recent Harlem condo sale, Daniel started with three offers, which narrowed to two as the details were worked out. The seller chose one, but after the inspection that buyer walked away because their contractor estimated the work would cost more than expected. Daniel went back to the second buyer.

Inspections often uncover more than anyone planned for, and that can change the price because the buyer now faces more work. A seller who has treated every bidder fairly is in a better position to turn to the next one if the first deal falls apart.

Honesty Keeps Buyers at the Table

Telling a buyer there are higher offers only works if they believe it. Some don’t, Daniel says, until they lose the home. The closing settles it, because the final sale price becomes public. “That’s reckoning day,” he says.

After 11 years in the business, Daniel works with many of the same agents again and again. A reputation for being fair and honest about where offers stand means those agents take him at his word, which helps his sellers get stronger bids.

When a seller agrees, Daniel has sometimes shared what the other offers were to encourage buyers to go higher. He uses this carefully. If one buyer moves ahead, he may tell the next one they are no longer the highest. Push too hard, though, and buyers get frustrated and drop out.

Each of these steps is discussed with the seller first. Daniel’s job is to get the seller the best result, but sellers often worry that buyers will disappear, and some would rather accept a solid offer than keep negotiating. “It’s a very fine line,” he says, and the final decision belongs to the seller.

Why Timing Works Differently in New York and Connecticut

The state also shapes how multiple offers play out. In Connecticut, buyers and sellers often sign the contract the same day, before inspections. In New York, attorneys draft the contract, which creates a gap between agreeing on a price and signing.

That gap matters. While a New York contract is being drafted, a new and higher offer can come in, and Daniel may have to tell a buyer they are no longer the top offer, even after they have completed an inspection. Westchester sellers should expect this possibility and decide with their agent ahead of time how they want it handled.

Sellers who want a sense of where their home might land before offers arrive can start with a home valuation. Knowing the likely range makes it easier to tell whether an offer is strong or whether it is worth asking buyers to improve.

Daniel M. Berger is a Licensed Broker/Owner in New York and Connecticut with RE/MAX Prestige Properties. He specializes in Westchester County, NY, and Fairfield County, CT.

This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.