You’ve listed your property and everyone who has seen it, LOVED it and now you’ve got multiple offers on the table. It’s what every seller dreams of! Multiple offers may not be as cut and dried as you imagine so here are some considerations to prepare you when you have multiple offers on your property.
10 Considerations for Sellers in a Multiple Offer Situation
- Work with a trusted agent who can guide you through this process efficiently.
- Understand that you are in the driver’s seat and ensure your agent gives you enough time to review, reflect and respond on the offers.
- Remain calm and focused on your goals. The highest offer is not always the best choice.
- Review the merits of each offer carefully to determine which one is in your best interest. The highest offer isn’t always the best deal.
- Consider the closing date. Will it work with your schedule?
- Have they offered a longer time in the house after closing if you need it for moving preparation?
- Earnest Funds. Have they offered a solid amount for escrow that is reflective of their seriousness in purchasing the property?
- Are they requiring they sell another property first? Are their requests they are making that may make your move uncomfortable or inconvenient?
- Is it a cash or mortgage deal? If you are in a hurry to move securing a mortgage can delay the closing longer than a cash deal will.
- Have they requested inspections? There may be some repairs you will be required to complete. Is there enough in the proceeds from your home to cover these costs? For example, if you need a new roof valued at $10,000 and one buyer is offering you $5000 less but they are willing to cover the cost of the roof versus the buyer offering $5000 more but wants you to pay for the roof. The lower offer nets you more money from the sale.
Most importantly, ensure your trusted agent is reliable, meets deadlines, and has excellent communication skills. Juggling multiple offers can be quite challenging. You want to ensure your agent is focused and crystal clear on your goals and expectations. Experience is very important when dealing with multiple offers.
If you want experience on your side, call The Columbus Team to list your property.