If you sell your house and price it right in our market, there's a good chance you'll receive more than one offer. Here's how to decide which one to pick.
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Then, you want to carefully consider the terms offered by the buyer. Inventory is tight in our market, and most people who sell their house have to turn around and buy another. A buyer offering the term where you don't have to move out of your house immediately after closing or allowing you to sell your house contingent on finding a new home would be very important factors to consider. We want to look at all the terms, not just the highest price.
If your home is for sale and it's priced right, you can expect multiple offers. The key to handling multiple offers is knowing how to engage with those buyers.
The first thing you want is for your agent to reach out to the buyers' agents and ask for their clients' highest and best offers. You want to let them know that it might be their final chance to put their best foot forward.
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Cash is king, but it's not always your best option.
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Then, you want to carefully consider the terms offered by the buyer. Inventory is tight in our market, and most people who sell their house have to turn around and buy another. A buyer offering the term where you don't have to move out of your house immediately after closing or allowing you to sell your house contingent on finding a new home would be very important factors to consider. We want to look at all the terms, not just the highest price.
The next big thing to consider is the buyer's earnest money deposit, or how much they're going to put into escrow. This money goes toward the down payment, but it's also at risk if something goes wrong with the transaction and the buyer doesn't perform according to the agreement. A $10,000 earnest money deposit is much more powerful than a $100 earnest money deposit.
Finally, you'll want to consider how well the buyer has their finances in order. Cash is always king as a buyer, but a cash buyer can back out of a deal just as easily as a financed buyer can. Similarly, just because a buyer is using FHA or VA financing doesn't mean they're not capable of submitting the best offer in terms of price and terms.
If you have any other questions about how to handle multiple offers when selling your home, give me a call or send me an email. I look forward to hearing from you!
