Multiple Offers?

Ten Thousand dollars or Twenty Thousand dollars over asking?

Which one should you choose?

I’ll break down some key things to consider besides the offer price when you’re reviewing multiple offers.

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Did you know just because you received an offer Twenty Thousand dollars over your asking price it doesn’t necessarily mean it’s a better offer than the one only Ten Thousand dollars over? 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.

First on the list: The closing date. Does the date match up with your timeframe? Or will you be homeless for a few weeks while you wait for your next home to close?

Next, what type of financing does the buyer have? 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. Imagine if you found yourself in a situation where you’re now required to make a Ten Thousand dollar 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, many are offering over-asking price. Does that mean you will actually receive that price? Not if you potentially accept the wrong offer or don’t counter on certain items in the contract.

How about the inspection contingency? Most buyers will want an inspection contingency on 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 we’re seeing plenty of buyers waiving their inspection contingency which means they are not having inspections.

Let’s just use the scenario of receiving an offer Twenty Thousand Dollars over asking and the buyer is requesting an inspection, but you have another offer only Ten Thousand Dollars above asking price and they are waiving their inspections. Well, then that’s something to consider. Because your home having inspections, leaves you open to the possibility of the inspector finding issues 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 and choosing the best offer to fit your needs. I’ll help you comb through the fine print details of multiple contracts and stop your head from spinning. I’ll get you the most money for your home with a strong confidence we won’t run into a ton of issues that could cost you time, money and energy later in your transaction.

To find out other reasons the highest priced offer may not always be the best choice for you when selling your home, reach out to me, Dawna Brown, that’s DAWNA, with Homes By Dawna and EXP Realty and I’m here to help you have a fun, empowered, and informed real estate experience by guiding you every step of the way.