Weighing Multiple Offers on a House
Author: Nikki | November 14, 2019
As requests for showings come in via the Get Movin Realty dashboard, you may quickly realize that many buyers are interested in your home. In the best-case scenario, you’ll receive multiple offers and need to decide which you’ll accept. How can you make the right choice? With guidance from our experienced Realtors and help from our intuitive platform, you’ll have everything you need to make the right call.
Break Down the Net Gain
When a buyer submits an offer, you may think the price is all that matters. However, it’s important to explore all the details and determine if the offer reduces the net proceeds you expect to receive. Common factors that reduce your selling price include:
- Concessions: Buyers may ask the seller to pay some fees on their behalf, such as closing costs, to lower cash paid up-front. Make sure you know exactly what you’re responsible for if you accept these concessions.
- Additional Items: A buyer may also request certain items in your house to stay with them after purchasing the property, such as furniture or appliances. Take into account the cost of replacing these items if you agree to leave them behind.
Because most sellers are also homebuyers themselves, they operate on a tight timeframe for selling their current home. If you’re moving into a new house, you don’t want to pay two mortgages simultaneously and need to find a buyer right away. Offers will include an estimated closing date, which can give you an idea of when you’ll receive payment and be able to make an offer of your own.
If you must sell your home before a specific date, you may choose a nearer closing date over a higher offer. At the same time, don’t forget any contingencies included in the offers that may lengthen the time until closing. Contingencies are usually based on inspection findings, such as mold, radon, or lead paint. With more contingencies, you may be looking at a longer path to closing.
The Seriousness of the Buyer
When fielding multiple offers, it’s best to focus on serious buyers who won’t leave you high and dry. Earnest Money Deposits offer an easy way to determine the buyer’s true intent and interest level. Buyers deposit a percentage of the sales price, which shows their interest and gives them more time to secure financing. Buyers who put more money in their Earnest Money Deposit are more likely to be highly invested in your home and operate in good faith when it comes to following through on a sale.
Compare Your Offers Easily
Receiving multiple offers when selling your house gives you the flexibility to choose the best one for you. But before you decide, it’s important to weigh the details of each offer carefully. At Get Movin Realty, our dashboard makes it easy to compare the offers side-by-side and make an informed decision. Buyers will also be able to see the other offers you receive, so they can tweak theirs accordingly to make it the most favorable to you. To learn more, contact ustoday or register onlineto begin the home selling process.