The Spring selling season is in full swing. The housing market is on fire and you may find yourself receiving multiple offers on your home. YAY!! But, now what? How do you pick an offer?
Your goal as a sellers is to accept an offer that best fits your needs. This isn’t always the offer with the highest price. Despite how personal it may fell, real estate is a business transaction and it’s essential you check your emotions at the door and logically work your way through the process. Here are two things to consider other than price:
One of the most common reasons a real estate deal falls through is a buyer’s issue with financing. The more solid a buyer’s financial situation is, the more likely you are to avoid certain road blocks in the sale of your home. Make sure that all offers are accompanied by a pre-qualification letter or proof of financing. The North Carolina Offer to Purchase and Contract requires buyers to disclose the type of financing they intend to use to purchase your home. Some loans are more likely to have issues than others and some loan types have more stringent requirements when it comes to home inspections and repairs.
Terms of the Offer
You need to look at all of the terms that accompany the offer. Does the closing date work for you? Are there contingencies? Is the buyer asking for closing costs? Are they offering due diligence and earnest money? Details such as these go a long way in determining if a particular offer is really the best for you.
O.K., obviously the offer price is a really important component when picking one of several offers and it certainly deserves great consideration. However, the highest offer is not always the best. Offers with a lot of terms or conditions can actually result in a lower sale price when all is said and done.
I’ve Received Multiple Offers…Now What?
- Go over the details of all of the offers to ensure you are marking an informed decision when picking which offer to accept
- Create a side by side comparison of the offers and their terms. Seeing everything laid out on a single piece of paper will help make things much more clear
- Make a checklist of the pros and cons of each offer
- As mentioned above, check your emotions at the door. This is a business transaction
- Go with your gut. If you’re torn between two offers and you’ve taken into consideration all of the above, go with what feels right
- Be informed. As a professional real estate agent, I have dealt with multiple offer situations a number of times. Not only can I help you sift through the offers, I can help break things down for you and answer any questions you may have. Make sure you know and understand all of the offers and their details before picking the one to accept.
If you have questions or your ready to buy or sell, contact me today! I look forward to hearing from you.