Sellers: avoid these two mistakes if you want the best result for your sale.
When sellers in our market receive multiple offers on their homes, they sometimes wind up making mistakes that could leave them with a less-than-optimal contract. Here are two such mistakes to be aware of if you want the best outcome for your home sale:
1. Choosing an offer too quickly. In today’s market, demand is really high and supply is really low. If you have a house in a good area with a good price, you’ll probably receive multiple offers. Sometimes sellers will scramble to respond to the first offer they get so that it doesn’t expire, but they’re often unsure whether that offer was necessarily the best one they would have received if they’d just waited. We encourage our sellers to wait and carefully consider the offers they receive. If they only want to show their home one time, that’s fine, but if they want top dollar for it, they’ll need to wait at least a couple of days.
2. Not reviewing all the terms of the contract. The price is obviously important, but it’s not the only thing to consider. When you’re reviewing your offers, you may find that the buyer who’s offering more also has an unusual loan and only put down a small amount of money. At the same time, another buyer may have offered slightly less money but is paying in cash and has a shorter inspection period with no appraisal. Make sure to look over the terms of the offers and determine which ones are more suited to your liking.
If you have any questions about navigating multiple offers or anything else to do with real estate, don’t hesitate to reach out to us. We’re happy to help.