Multiple Offers? Which one should you choose? Did you know that just because you received an offer of $20,000 over your asking price that that doesn’t necessarily mean that it’s a better offer than the one that was only $10,000 over your asking price? Believe me, I want you to pocket the most amount of money for your house too so I understand why you’d be confused here. I help sellers choose offers for very specific reasons and sometimes, the offers they choose didn’t have the highest price.
I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station and I’ll break down some key things to think about besides that offer price when you are reviewing multiple offers. First on the list: The closing date. Does that date match up with your desired timeframe? Or will you be homeless for a few weeks while you wait for your next house to close? How important is that date to you? What type of financing does the buyer have? Are they offering cash or getting a loan? Did you know the type of loan needs to be taken into account based upon the condition of your home and other contributing factors? Certain loan types have stricter appraisal requirements than others.
Imagine if you found yourself in a situation where you’re now required to make a $10,000 repair or replacement or the buyer’s lender says, “Nope! We’re not funding this loan.” Are they offering an additional down payment if the appraisal value does not come in at their offered purchase price? In a hot market like this, everyone is offering over the asking price. Does that mean that you will actually receive that price? Not if you potentially accept the wrong offer or don’t count out certain items in the contract. How about the inspection contingency? Most buyers will want an inspection of their new home before moving in. Truthfully it’s a great way to protect themselves from unforeseen circumstances. However, again, we’re in a market so hot that we’re seeing plenty of buyers waiving their inspection contingency. Let’s just use the scenario of receiving an offer that is $20,000 over asking and the buyer is requesting an inspection, but you have another offer that is only $10,000 above the asking price but they are waiving their inspections (which means they are not having inspections) well, then … that’s something to consider. Because on the home that is having inspections, you are open to the possibility of the inspector finding issues that you didn’t know of? And then, you and the buyers would possibly have to re-enter negotiations, or worse, they could simply walk away.
Those are only a few things to think about when you’re reviewing multiple offers. Having an experienced agent like myself who’s sold hundreds of homes in your corner to help you comb through the fine print details of multiple contracts will stop your head from spinning number one, and we will get you the most money for your home with strong confidence that we won’t run into a ton of issues that could cost you time, money and energy later in your transaction.
To find out some other reasons that the highest-priced offer may not always be the best choice for you when selling your home, hit that contact button below! I’m here to help you have a fun, empowered, and informed real estate experience by guiding you every step of the way. Please be sure to like and share this on Facebook and on YouTube hit the subscribe button and the little bell so you don’t miss anything. This is your Community Market Leader Sherri Echols, a helping hand for a happy home
