Seller Education

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Seller Education: Evaluating Offers during Multiple-Offer Season

Looking to sell your home? If your answer is yes, do you know which is the best offer to accept? Homes are highly sought-after commodities that can attract multiple offers depending on the strength of the housing market at any given time. However, not all offers are the same and thus you should learn how to make the right choice.

This is where we can help. Often times, the highest offer is the best offer, but sometimes it actually isn’t. There are many factors in play once offers start rolling in. We can help you navigate the process and explain the various offers, so you can make the best decision that you feel most comfortable with.

How to determine the best offer

1. Prepare adequately

First things first, you need to ascertain the legitimacy of the offers. To determine the legitimacy of the offer.

Check whether the paperwork is in proper order
Check whether the signatures have been appended correctly
Check proof of financing or funds for cash purchases.

To ascertain whether buyers have approved financing and a legitimate offer that they can back up, we contact the lending institution listed, and consider the pros and cons of each offer.

2. Set a goal for the multiple offers

The essence of accepting multiple offers is to find a buyer who can pay the best price and close on time. Once we’ve found the buyer you are looking for, we help ensure that the sell closes in the quickest and most seamless manner possible. Sometimes, the highest bid buyer has trouble obtaining financing, which can be caused by a multitude of issues. To avoid such situations, we review the offers cautiously and discuss the various offers with you. Our job is to help ensure that any potential buyer has been legitimately pre-approved by a reputable mortgage institution, many with which we have built strong professional relationships over the years.

3. Rate the offers

Rating the offer will ensure we find the ideal buyer for a quick and easy transaction. When rating an offer, there are various features of the offer that we consider. These features include:

Financing

How much are the buyers willing to pay? Which institution has approved financing the deal? And, can the buyer close the deal on the terms they have offered? Financing is an important aspect that should not be overlooked. With answers to these questions, you are most assured of finding the perfect buyer that can close the deal as the offered.

Timelines

When conducting important processes like property inspection and title reviews, the timelines need to be short, but realistic. Buyers who introduce excessive timelines may prove that they lack the motivation to acquire the property or it may suggest issues with them obtaining their necessary financing.

Escalation and price clauses

Most sellers seek buyers who will come strong from the beginning of their offers. However, there are buyers who opt to play it safe. Sellers ought to accommodate all types of buyers and avoid using the escalation addendum during multiple offer scenarios. Nonetheless, there are unavoidable circumstances when the addendum will come into play. Additonally, we urge our sellers not be be offended by any “low-ball” offers. At times, certain buyers try to negotiate hard with very low offers. As your seller agent, we understand this, and will counter any offer reasonably and to your liking and help get true market value for your home. Just remember that there is not such thing as a “bad offer”.