When people first think about selling their home, they think that whoever makes an offer on the house first is the one who will eventually get it in the end. However, sometimes this is not the case and popular homes can receive multiple offers. But while you may be tempted to go with the highest bidder, there are other things to consider that may sway your decision.
Here are four areas to consider when choosing the right offer for your home.
- The Math: Beyond the obvious calculations of figuring out the difference between the multiple offers, be sure to take other things into account such as the fees, closing costs, and other things that might factor in to each offer. For example, someone might be paying a higher amount, but they expect you to pay for the repairs on the house before they move in. The time and money that you’ll spend on your old house may not be worth it to you and you may want to go with someone who is offering less than the first buyer, but they’re willing to do the repairs themselves.
- The Financing: One of the biggest disappointments for a seller is when someone makes an offer, but it falls through because they never actually had the bank funds available to begin with, or they had hoped to get the financing from the bank, but it was denied, yet they chose to make the offer anyways just in case. When looking through your multiple offers, check and see if any of them provided proof from their bank that they actually have the funds to close the deal.
- The Motivation: Sometimes, when things come down to the wire and you have nearly identical offers, you may want to choose the family that you feel is most deserving or has the most to gain from moving into your old home. For example, do they have young kids and your home is located close to a great school? You may choose them over the middle-aged couple whose kids have already aged out of the home, or they never had any kids to begin with. The family with the kids will probably also work harder to secure the home and close the deal, vs the other family who may be more casual throughout the process and even elongate the process by negotiating various things.
- The Closing Date: Especially if you already have a new home in place, you’ll want to close the deal on your old home as quickly as possible so that you can devote all your time and energy into moving in and settling into your new home. Take a look at the offers to see each of their closing dates. A really good offer with a far off closing date may not be the best for you depending on your situation and if that’s the case, you may be inclined to go with the lesser offer with the closing date that better suits your needs.
There may be more things to consider when balancing the pros and cons between multiple offers. If you need advise on which offer to ultimately go for, contact Walter Ekins by calling 778-872-4072.