If you’re a buyer, you want to receive multiple offers. Here’s what your next steps should be if you do get more than one.
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If you’re receiving multiple offers on your home or you anticipate receiving them, listen up.
First of all, congratulations. This is exactly where you want to be as a seller. However, you still need to sift through each offer and determine which is best.
It’s not always the offer with the highest price. We have to take a look at the net price as well. If an offer is higher in price but has a lot of concessions, it won’t net you the most amount of money possible.
Price isn’t the only thing to look at.
It’s important to look at how the buyer is funding their purchase. Is it a cash offer? If not, they will have financing. What kind of financing is it? What kind of down payment are they offering up?
Other things you want to look at include the length of the inspection period, concessions like a home warranty, and the proposed closing date.
From there, we want to talk to each buyer’s lender to make sure they are ready to move forward with the transaction if chosen. In this market, it’s very common for buyers to offer more than the purchase price, knowing full well that the home won’t appraise and they will have an opportunity to renegotiate.
If you have any questions for us or are dealing with multiple offers yourself, give us a call or send us an email. We look forward to hearing from you.
