With Inventory so low we are seeing multiple bids for many homes in the area! Here are some tips as to how to best handle that situation..
If you’re selling your home with the help of a knowledgeable Realtor, you may be fortunate enough to receive multiple offers. This is great, but choosing one can be difficult. If you’re evaluating several bids on your home, there are a few aspects that you can compare and contrast, such as the following:
Obviously, you want to make as much money as possible on the sale of your home. But that doesn’t necessarily mean the highest bidder will net you the highest proceeds. Buyers will have special requests. Calculate your net figure by subtracting costs for fees, special repairs and so on.
If a buyer has gotten preapproved by a lender, this signals commitment and diligence. Additionally, preapproval means the transaction is more likely to move swiftly and smoothly.
Buyers will demonstrate their financial strength in various ways, such as their down payment, deposit and lending approval. Financially stronger buyers make for faster deals. The all-cash buyer carries an undeniable power in the ability to close a deal quickly and without hurdles. However, that’s certainly not to say that a buyer with financing assistance can’t do the same.
Many offers will come with contingencies — conditions that the seller must meet in order to activate the sale. These can include inspections, special terms or even that the buyers successfully sell their own home within a certain amount of time. Contingencies can present unexpected hiccups in your transaction.
There is definitely a hint of sentiment to selling your home. You want someone who will cherish the home the same way you have. If you have a solid offer from a buyer with strong character who’s a good match for your home, you can usually feel good about accepting it.
Most important, you need the help of an experienced agent to help you attract and evaluate multiple bids