In our market, multiple-offer situations are rampant. If you’ve just listed your home and you’ve received more than one offer, how do you know which one to choose?
The first thing we can do is go back to all the buyers and their agents to confirm that they’ve submitted their highest and best offer. If they haven’t, we allow them to make changes to those offers, which in turn will enable you to choose from the highest and best ones.
Of course, the price is a significant factor in this decision. With that said, the offer with the highest price is not always the best decision for you. There are other factors that you should consider. For example, consider the offer that best matches your timeline. Do you need to get out of your current house quickly, or do you need some time to shop around for your new home?
Another thing to pay attention to when weighing offers is the amount of money that the buyer puts down. How much skin in the game do they have? This is especially important in an urgent market like ours, where buyers can be rushed into a decision and get cold feet later on. They’re much less likely to back out if they have a higher earnest money deposit.
Financing is another big component. Cash isn’t always king. If a buyer has been pre-approved by a reputable lender, their offer is as good as a cash offer. We’ll help you lay out all the offers on the table and figure out which one is best for you.
If you have any questions for us about dealing with multiple offers or about anything else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.