You may have seen the headlines lately:“Home prices are dropping.”“Denver is leading the decline.”“More than half of major metros saw year-over-year price drops…
Sellers: How To Choose The BEST Offer
Dated: February 20 2024
Views: 73
The highest offer doesn't necessarily mean the BEST offer....
Let's say Buyer 1 submits an offer right away. The price is aggressive and over list but they ask you to respond within an hour. They also listed a closing date that is a little later than you were hoping for and included a few extra contingencies.
Buyer 2 submits an offer next. They offer list price but before submitting their agent reached out to yours if you have a preferred closing date and if anything else is important to you that they should consider. They give you 24 hours to respond.
Buyer 3 submits the final offer and their price rolls in right in the middle of the other two (just slightly over list price). They include an escalation clause that says they will pay up to "X" to beat out any other offers. They give you a few hours to respond to their offer and their agent has already called 3 times to ask questions about the fence post that looks crooked and inquired about the last time you had the furnace maintained.
Which offer do you pick?
While looking at the numbers only, the highest offer might look like a no-brainer. But what is often overlooked is everything that comes after an accepted offer. There are still contingencies to get through and financing and appraisals that have to be approved before you're handed over your proceeds check on closing day.
Your real estate agent can take all of the important factors (I only touched the surface in my examples) and compare them side by side so you can weigh your options and decide how to proceed.
Sometimes, the best offer isn't the highest one if you want to have a smooth transaction and successful home sale, so make sure you work with a full time professional - I'm here to help!
Angelica Olmsted
Angelica’s path into real estate is rooted in a life full of diverse experiences and a deep appreciation for what “home” means. Growing up as an Air Force brat meant constant moves, and later, h....
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