Here are three areas to focus on when deciding between multiple offers.
If you’re a home seller who has received multiple offers, how should you review them to pick the best one?
As a home seller, the ball is in your court. Buyers know that you’re being flooded with offers and they’re competing against multiple other buyers. Now more than ever, sellers determine their own fate.
Even though the market is so hot, it’s very important to not dramatically overprice your home. A house that’s priced too high will not receive offers, even in this hot market. Buyers are savvy, and they know when you’re trying to pull a fast one on them.
When you do receive multiple offers, there are three main items to review:
1. The payment method. Cash is king, but there are plenty of good financed offers out there. Buyers are doing a lot in advance to make sure their offers are as close to as cash as possible This means pre-approvals, waived contingencies, and strong lenders. These buyers are so confident in their financing that they’re often waiving their appraisal as well. This really makes the offer like cash.
2. Contingencies. Aside from the appraisal contingency, the other big one that we’re seeing waived is the inspection, or option, period. If they’re not outright waiving it, they’re at least cutting the option period in half.
3. Leaseback. Most sellers who are occupying their homes need the proceeds from the sale to purchase their next home. In this market, buyers are offering free lease-backs to sellers to secure a home while giving you time to find your next property and avoid the dreaded double move.
It’s more important than ever to work with an experienced agent to guide you through this chaotic market and get to closing. If you have any questions, don’t hesitate to give us a call or send us an email today. We look forward to hearing from you.
