Multiple Offers???

Multiple Offers???
Isabel Guzman:
Multiple offers, which one should you choose? Did you know that just because you received an offer $20,000 over your asking price, that doesn’t necessarily mean that, that’s the best offer for you. Believe me, I want you to pocket the most amount of money for your home too, so I understand why you’d be confused here. I help sellers choose offers for a very specific reasons, and sometimes the offers they choose didn’t have the highest price. Hi everyone, I’m Isabel Guzman, realtor with EXP Realty and I’ll break down some of the key things to think about, besides the offer price, when you find yourself reviewing multiple offers.

First on the list, the closing date. Does that match up with your desired timeframe, or will you be homeless for a few weeks while you wait for your next home to close? How important is that date to you? Also, what type of financing does the buyer have? Are they offering cash or getting a loan? Did you know about the type of loan needs to be taken into account based upon the condition of your home and other contributing factors? Certain loan types have a stricter appraisal requirements than others. Imagine, if you find yourself in a situation where you are now required to make a $10,000 repair or the buyer’s lender says, “Nope, we’re not funding this loan.” Are they offering an additional down payment if the appraisal value does not come in at their offered purchase price?

In a hot market like this, everyone is offering over asking price. Does that mean that you will actually receive that price? Not if you potentially accept the wrong offer or don’t counter out certain items on that contract. How about an inspection contingency? Most buyers will want an inspection on their new home before moving in. Truthfully, it’s a great way to protect themselves from unforeseen circumstances. However, again, we’re in a market so hot that we’re seeing plenty of buyers waiving their inspection contingency.

Let’s just use a scenario of receiving an offer that is $20,000 over asking, and the buyer is requesting an inspection, but you have another offer that is only $10,000 above asking price, but they are waving inspection contingency, which means they are having no inspection. Well then, that’s something to consider because when the buyer that is having an inspection, you are open to the possibility of the inspector finding issues that you didn’t know of. And then, you and the buyer would possibly have to reenter negotiations or worse, they could simply walk away.

Those are only a few things to think about when you’re reviewing multiple offers. Having an experienced agent like myself in your corner to help you comb through the fine print will help to stop your head from spinning, number one, and we will get you the most money for your home with the strong confidence that we don’t run into a ton of issues that could cost you time, money and energy later on, on your transaction.

To find out some other reasons that the highest price offer may not always be in the best interest for you when selling your home, please reach out. I’m here to help you have fun, empowered and informed real estate experience by guiding you every step of the way. I’m Isabel, bringing you home.
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