Seller: How To Handle Multiple Offers On A House?
Sells quickly or sells above asking price
There two things that you as a seller would like to receive when selling your home: that sells quickly and that sells above asking price. Right?
In today’s market, you could get both, but also you will probably have tough decisions too. It is probably that you receive multiple offers for your house, so yes Seller this is good but it might also be tough or overwhelming. You absolutely would like to have or rely on professional advice from your real estate agent, however, the ultimate decision will be from you.
Having that said, sorting through all those offers and figuring out which one is the best is the tough part. If you have a great representation your realtor could recommend you any of the following: compare offers. Take the pros and cons of each one. By doing this, it’ll quickly become clear which offers are the best and most competitive.
Think about your needs, your priorities you might end selecting not the highest offer actually and that is my next point.
The highest offer is not always the best offer. Besides the purchase price, there are other factors in an offer. Every seller with their priorities is different. For you might not necessarily be your top priority. What is your goal? Is it time? Is it price?
Initial deposit or earnest money.
You want to take a look at this because this point may or may not show how serious the buyer is in closing your home. In today’s market, where is a very competitive market, you will see that buyers present higher initial deposits to you, the seller. Of course, you want to see other factors.
My next point is,
Is the buyer paying cash? Sometimes sellers are looking for a quick selling process and certainly, a cash buyer could offer that advantage. However, we could also see sellers that need time either to buy a new home, to move out, or for any other personal reason.
What about the contingencies? Look closely at them. Of course the fewer contingencies in the offer, the better. In today’s strong sellers’ market, we could see buyers waiving some or all of them. So if you receive or find a great offer without them you should be golden. Sometimes buyers will try to add a contingency that their current home must sell first before they will buy your home. This is a great example in today’s market to look since we are seeing that is taking longer for buyers to get under contract. You want to evaluate all the contingencies in your received offers.
How long to close?
Like I mentioned before if you are a seller looking to close as quickly as possible you need to see what type of buyer you are considering because it could affect the closing date. If you have no rush, then this is something you could skip and evaluate other terms. But if you need time, then a longer closing date may be good for you.
There are so many things you and your agent should see when evaluating all the offers like terms of the contract, buyer qualifications, and buyer’s motivation. I will definitely leave in the description box below a form for you and other resources if you would like to sit down and have a virtual meeting with me for more information.
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Sharon Colón
Your Favorite Real Estate Agent in Miami
Home Miami Realtors
786-376-2398
[email protected]
www.sharoncolonre.com
