Right now, the housing market in most parts of the country is on the rebound, which is great news for those of you who are planning to put your homes on the market soon. The prices of homes are currently on the rise, and for the first time in almost ten years, many sellers are now receiving multiple offers on their homes.
Obviously, having to choose between several offers is a good kind of problem, but for some people, having to make such a big decision can cause them to feel pressured or overwhelmed. Here are a few tips to help you go about choosing the best offer:
1. While you may be tempted to immediately accept the highest offer you receive, don’t. First, pause to consider all the other factors that make up the offer, as some of them are just as important as the price offered. For example, try looking at the proposed closing dates of each offer and decide which one is most appealing to you. A willingness to waive contingencies could also make a particular buyer more appealing, as waiving contingencies leave buyers with fewer “outs,” and if they are willing to waive them, it most likely means they are really serious about purchasing your home. During an intense bidding war, buyers who ask for a lot of contingencies to keep the deal on hold until they can sell their own homes are usually among the first to get eliminated.
2. Cash deals are best since you won’t have to wait for your buyer’s loan to be approved before moving forward with the transaction, so if you’re lucky enough to receive an offer in cash, you may want to prioritize it. However, if none of your buyers can afford to pay cash, you can still examine their financing and work out whose offer seems the most stable and sure to push through.
3. Consider how much earnest money each buyer is offering. While earnest money is not considered a downpayment on a home, it can still help prevent buyers from walking away from the transaction at the last minute. A higher earnest money amount is usually a good indication that your prospective buyer is serious about pushing through with the deal and purchasing your home.
If you are planning to sell your home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
