As a home seller, how do you know which offer to pick in a multiple offer situation?
The central Iowa real estate market is pretty hot right now, which creates unique challenges for buyers and sellers. For sellers, it’s incredibly important that you choose an agent who has experience with multiple offer situations, as they are common in our market.
When you receive multiple offers on your home, how do you know which is the best one? There are a few things you should consider:
1. Price. Obviously, we want to maximize your equity and get you the best price available for your home. Our expertise really comes in handy when it comes to looking at the full terms of the offer, because the offer with the highest price is not necessarily the best one for your interests.
2. What kind of time frame are they looking for? How flexible will the buyer be on possession? As a seller, that can make or break your ability to get into your next property, so it’s important to know that up front.
3. What kind of contingencies does this buyer have that might cause stumbling blocks in the process? Inspections, HOA documents, or having a survey completed are just a few examples of little things that might seem irrelevant, especially if the buyer is offering a high price. However, each of those contingencies gives the buyer a chance to renegotiate after they’ve won the deal, which could make the transaction unpleasant for you.
4. What are the financing terms? We love cash offers, but cash isn’t always better than financing. Someone who has a loan commitment is just as important as someone who has cash. The fortunate thing about working with an experienced agent is we know what to expect from different lenders. We know if a buyer is working with a reputable lender or a lender that we’ve had issues with in the past.
Ultimately, we will sit down, look at all your different options, and work together to make sure that your needs are being met and that you choose the best offer possible.
If you have any other questions about selling your home in our current market, just give us a call. We would be happy to help you!