In this current market, sellers are finding themselves in multiple offer situations but how do you know you’re accepting the right offer?
You’re probably wondering why we’re saying “the RIGHT offer,” arent you? Well, receiving multiple offers has its pros and cons and we really believe in helping people make smart real estate decisions. That’s why we’re going to share some insight on what you need to know when you find yourself in a multiple offer situation as a seller.
A high offer isn’t always the right offer
When you find yourself looking at multiple offers, it’s not always the highest offer that is the best offer to accept. Yes, we just said that. Because it’s true and we have seen this first-hand over the last 25-years. This is why we look at more than just the offer price.
Who is the lender and are they legit?
We have a database of lenders to check this because we’ve seen a few that are not legit and don’t show up at closing. A lender who doesn’t show up at closing is a huge drag and you want to make sure that you don’t have your closing fall through at the closing table.
What are the terms of the offer?
Are they putting 3%, 5%, or 20% down? This is impactful because if you are at all questioning your appraisal down the road that could come in to play whether or not they would get their mortgage. We do a lot of research to make sure that your listing price is supported to help with the offers coming in, but we will let you know if we’re on the edge of uncomfortable.
In addition to these, sometimes people work in some wiggle room with the price for negotiations and we want you to be careful about this because sometimes you can build in too much. We look at how many homes are getting which percentage of listing price in the market, so if you want more details on this please contact us and we would be happy to help!