Multiple Offers for Sellers
Monday Feb 20th, 2017
You’ve received several offers on your property. Which one should you choose? It’s not always the highest one. Here are just some of the areas to pay particularly close attention to as you're weighing the options. Weighing the pros and cons of each offer can be tricky.
1. Do the math.
This goes beyond simply calculating the dollar difference between the various offer prices. Before you do that, be sure to do all the math. Subtract things like closing costs, fees and potential repairs to determine the net proceeds of each offer.
2. Consider the financing.
Can the buyer provide proof from the bank that there are funds to back the offer? Your agent can help verify this – and help you understand the terms of the buyer's financing.
Do the buyers have a baby-sitting parent in the neighborhood? A new job just around the corner? Buyers with extra motivation to purchase your home are less likely to press for concessions and more likely to work harder to close the deal. Some buyers even include a personal letter with their offer to explain why they want the home. These letters can be particularly helpful in multiple-offer situations.
Note the closing date each offer proposes. You'll want a closing date that best meets your needs. You can always counter a closing date, too, if the best offer doesn't quite meet your timeline.