You’ve had your home on the market and now have the delightful situation of multiple offers. So how do you decide which offer to choose? Well, there are a few things that come into play, such as the financing situation of the buyers, length of closing period, other agents reputation, price, weird conditions the buyers place in the offer, like keeping your decorations or taking out the in ground pool.
Here’s some good advice.
The Other Realtors
Most importantly, know that your Realtor will not be sharing the offers with all the other agents. Doing this might give one an unfair advantage and doing so would violate their ethics (and license).
Not Always the Highest Bid
The reasonable choice when fielding multiple offers is to take the one that has the highest bid, but that’s not always the case. Sometimes buyers who come in with a lower price, but can fill other needs of the seller may just get the house. What if your seller needs a quick settlement, but the highest bid needs more than 30 days to get their financing in place?
What Trumps Price?
What are other items that can trump price?
Inspection requirements. Yes, inspections are important, but as a seller if you have already done one, wouldn’t the buyer who doesn’t require a second of their own trump one who does? This can also shorten timing requirements.
Shortening the mortgage contingency. As a seller, a buyer who is preapproved and has all of their financing approved and in place is much more attractive than one who doesn’t. It can mean accepting a lower offer. Higher deposit amount. This also feeds back into financing. Putting up a higher deposit shows a buyer who is serious.
Who is making the offer. In some cases, knowing something about the people making the offer can make a difference as well. Are they a family who fell in love with your family home? That can make them more attractive to you than a single or couple.
As a seller, price usually trumps, but other items that can gum up a sale being removed from the process can help you decide which offer to take. Know what is important to you and decide accordingly.
If you would like to work with a professional Clearwater Realtor, give Deborah Ward and Associates a call today! 727-216-9247