Here are the four most important aspects to consider in an offer.
As this market continues to get crazier and crazier, we’re seeing more multiple-offer situations. If you’re a seller and find yourself in a multiple-offer situation, here are four variables that you want to explore, consider, and evaluate before deciding on an offer:
1. Price. The higher the price, the better in most cases. However, it may not be the most important factor. See below.
2. The contingencies. These are things like the due diligence and inspection periods. How long are they? You also want to look at appraisal contingencies, financing contingencies, and more. Do they perhaps have a home sale contingency? Are there even contingencies in the offer? It all makes a big difference.
“If an offer is high with no contingencies, you know the buyer is serious.”
3. The closing date. Are they giving you time to move out of the home? Do they want a quick closing? You also need to evaluate how important the closing date is to you. Maybe you have a buyer who makes a great offer but needs to close quickly and you need to make a decision. What’s that worth to you? Would you rather sell for more and sacrifice some stress with multiple moves, or would you rather sell for a little less and close on your ideal date? There is a lot to consider, especially in this market.
4. Earnest money. How much are they putting down, and when does it become nonrefundable? If it’s a high amount but there are a lot of contingencies in the offer, it’s a lot easier for the buyer to walk away. If it’s high and there are no contingencies, you know they’re serious.
You have to look at all these variables, weigh them into your unique situation, and pick the offer that works the best for you and has the best possible chance of making it to the closing table. Our team prides itself on being able to sift through multiple offers with our clients and help them make the best possible decision for their goals.
If you have any questions about multiple offers, selling a home, or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.
