As a seller, the goal is to have buyers covet and compete for your property on the market. However, when all goes according to plan and those offers begin to flood in, do you know how to manage the situation from there?
The first thing you’ll want to do is make sure your agent clearly lays out all of the offers so you can compare them apples to apples (i.e., offering price versus offering price, terms versus terms). It’s important to understand all aspects of each offer you receive and not get too hung up on just one item.
Know the difference between the highest offer and the best offer—they’re not always the same thing. What if that highest offer has a bunch of tricky or unsatisfactory contingencies attached to it? Look for the best complete offer, don’t just fixate on price. Does the offer stand a reasonable chance of closing, or are there red flags in the financing? Perhaps an offer could be more attractive to you because it waives inspections.
Think about the price versus the terms. The last thing you want is to accept an offer and head full steam toward closing, only to have the buyer stop you and say, “Whoa, we’re not ready to close yet.” Make sure all terms are spelled out clearly and structured just how you want them. If you keep these things in mind, you’ll ensure that the offer you ultimately accept is truly in your best interest.
We look forward to the opportunity of representing you as a home seller and helping you navigate these kinds of situations. As always, reach out via phone or email if you ever have questions about selling, buying, or anything else related to real estate. We’re here to be a resource for you.