How can sellers make the right choice when deciding between multiple offers? There are a few important factors they should consider.
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If you’re lucky enough to be selling a home in 2018 and end up with multiple offers on your home, how do you choose between them?
This common problem is actually not a problem at all, but it can still put sellers in a tough position, nonetheless.
One of our team’s sellers actually received 11 offers in just 24 hours of their home being on the market. While getting this much attention for your listing is exciting, it also creates a difficult choice.
The first step in determining which offer is best is to realize that price should not always be the deciding factor. Sometimes an offer with great terms can outshine those with a slightly lower price. Things like whether a buyer is paying cash, whether their offer has few contingencies, and more are all things to keep in mind.
Beyond looking at terms, sellers should also think about whether they will need to be out of the home on the day of closing.
All aspects of an offer should be taken into account before you make a final decision.
It’s also good to find out what kind of loan a buyer plans to use, as this could have an impact on how long the transaction will take. Additionally, loans may be subject to an inspection or appraisal.
Having a clear and complete understanding of what the buyer is offering will help guide your decision as you examine your choices. All aspects of an offer should be taken into account before you make a final decision.
Our team would be more than happy to help you select the offer that will be most beneficial to you. We can also help you through the process of lining up a backup offer.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
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