How to Navigate Through Multiple Offers
In today’s market, you are going to be dealing with multiple offers more often than not. There really isn’t much inventory out there right now for buyers to choose from, so if your home is in good condition and in a desirable area, you’ll find quite a few interested buyers and they will start to make offers.
Once you receive multiple offers, it’s time to sift through them and figure out which is best. The first thing you’ll probably look at is the price, because you want to make as much money on the sale as possible. However, I encourage you to look at the entire scope of the offer. That includes the price, the terms, the buyer’s agent, the lender, and more. There are a lot of nuances that are contained in offers that might make or break a deal that you should be aware of.
“This is a good problem to have.”
One thing to really pay attention to is the appraisal. Since there are so many buyers, some are willing to pay exorbitant amounts of money up front in their offer. However, if they are buying the home with financing, it will have to be appraised. Oftentimes, I tell my sellers to counteroffer and have the buyer remove the appraisal contingency. By doing that, even if the home doesn’t appraise the buyers will have to come up with the difference between the appraisal price and the purchase price. Because buyers are so hungry for homes right now, they often play ball like this.
This is just one of the strategies that we have used to navigate through multiple offers and it’s one that we highly recommend you consider before accepting an offer.
If you have any questions in the meantime, don’t hesitate to give us a call or send us an email. We would love to hear from you soon.