In some markets, multiple offers can show up whether you are buying or selling real estate. As a seller it is a pleasant experience, while buyers have a different set of emotions to deal with.
Sellers love situations like this. They have 2 or more buyers interested in their home. It is not uncommon for the top bidder to pay the asking price or more. In some areas, the selling price can be tens of thousands of dollars more than they were asking.
The buyer has spent weeks, even months to find the perfect home. They have lost sleep trying to decide what house to buy. With multiple offers they now have an unpleasant situation to deal with. That is assuming they decide to face some competition and submit an offer on a property that already has one.
As a seller let all buyers know that there is more than one offer on the property. Do not disclose any details to others. Tell them they have to give it their best shot.
A buyer submitting an offer has to decide how much they want to pay. They have spent time shopping for the perfect house. A good idea is have a market evaluation completed to determine the value of the property. How much you go over this figure is a decision only you can make.
If you are a seller and accept one of the offers, do not disclose any details to anyone until all conditions have been waived. There are situations where the agreement falls apart. Should this happen to you, you can call the buyer with the competing offer. They might submit a new one, and if so, you don't want it influenced by the one that fell through.
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Good advice. I like how you showed both sides of the situation.
Wish I could have multiple offers in this market.