To maximize the return on your investment, here are five things you need to consider when reviewing your offers.
You have your home on the market, you have a due date for offers, and you’re starting to receive them. What do you do when you find yourself in a multiple offer situation?
First, have your agent confirm with the other agents that their clients have submitted their highest and best offer, and make sure that all the documents are completed with all the information you need to make the best decision. Remember that the highest price isn’t always going to be the best offer.
To maximize the return on your investment, here are five things you need to consider when reviewing your offers:
Timeline. What is their time frame to close escrow? Is it too soon for you or will the timing take too long?
Contingencies. There will be inspection, appraisal, and loan contingencies written into most offers you receive. Review these carefully; they should be reasonable for the buyer but you want to make sure that they will be able to follow through with what they’ve promised in the offer.
Type of financing. Cash isn’t always going to be the best option, so be sure to carefully consider the other financing options that buyers include in their offers.
The down payment. How much is their deposit and down payment?
Rent-back agreement. A rent-back agreement may be necessary if you need time to find another house after you make the sale.
As your agent, I take the time to interview each buyer and buyer’s agent to ensure that the offers they present are solid. I want to know what their motivations are in purchasing the home, both emotionally and financially. This will help you make a better decision in a multiple offer situation.
If you have any other questions regarding this or any other topic, please reach out to me. I would be happy to help.