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Sellers: How to decide when receiving multiple offers

Sunday, February 17, 2019   /   by Doreen Huntoon

Sellers: How to decide when receiving multiple offers

It can be exciting when you’re are a home seller and the market is hot and you receive a nice, big, high-priced offer on your home.

But all of a sudden you get multiple offers. Now, what do you do? how do you decide which offer to take. As a seller this can be as stressful and trying to sell your home yourself without a professional. I’m here to tell you that you take the best offer that fits your needs. As hard as it may be, you’ll want to leave all the emotions aside and realistically weigh all your options.  This is how to choose the best offer:

Terms

Look at all details. Does the offer meet your asking price? Does the closing date work for you and the closing of your new home? Are the buyers asking for you to pay a portion of their closing costs, but they can close quicker than the offer not asking for closing costs but can’t close for 90 days? Carefully determine all terms and contingencies when deciding on the best offer to take.

Buyers Loan

Did the offer come with any financing contingencies? Is there a pre-approval letter with their offer? You will want to consider who is presenting the best financing options so that when it’s time to go to the closing table to sign, you won’t run into any problems such as the buyer not being properly qualified.

Appraisals

When purchasing a home that the buyer is obtaining a loan on, the lender will require an appraisal on your home. Buyers can get a little irrational at times when they know they are in a multiple offer situation. It is very disappointing for the seller and the buyer when a low appraisal comes in. However, there is still a chance the sale may go through as long as the buyer can come up with the money to make up the difference between the appraisal amount and the amount the lender has agreed to loan. Make sure to talk to your Real Estate professional about appraisal issues that can come up.

Make sure to go over all offers in detail with your Real Estate Agent. Rely on their experience, expertise and education to guide you through the process.  Also write down any questions that may come to mind. If you write it down, you are less likely to forget when you are sitting down with your agent or the closing agent when you are ready to close. Their can be some "what if’s" in selling your home. Make sure you are prepared with any scenario that may come up. Your agent can help you with this. 

Buying your home was the biggest investment of your life and you want to remember that when selling it. Educate yourself as this is a legal transaction and you’ll want to have some knowledge of the terminology.

If you want the most money possible and you think your home is worth the price, take the highest offer if it meets your own goals. However, it is OK to take a lower offer if it gives you what you want – no contingencies, quick closing, financing type. Make sure that your real estate agent is with you to go over all offers.


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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

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