If you’re selling your home, there’s a chance that you might receive multiple offers from interested buyers. Homes that are priced aggressively, located in sought-after neighborhoods, and marketed correctly are the ones that usually make the cut.
When this time comes, it’s important that you capitalize on this opportunity and sign the best contract.
Here’s how you can do it:
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Inquire about the buyers’ finances
Before a buyer submits their offer, ask them to include information on their finances such as their employment history, account balances, and debts. Knowing your buyer’s financial situation gives you an idea of your buyer’s financial readiness to buy a home. It will prevent you from accepting offers from buyers who cannot possibly come up with the money to complete the sale.
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Compare the contingencies offered
Contingencies are conditions in a real estate contract that allow the buyer to back out of the agreement if certain events were to happen. Ideally, fewer contingencies in the offer are better because they make the home selling process a smoother one.
As a seller, it’s important that you review these contingencies in the offer because they can lead to trouble. Some of the contingencies that you might see in a real estate contract are related to buyer and property loans, home inspections, and insurance companies.
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Ask buyers to submit their best offer
Being in a multiple-offer situation gives you the upper hand in the home selling process. Make the most of this situation by asking your potential buyers to submit their best and highest offer within a certain time period. Doing so allows you to entertain more offers and shows buyers how desirable your property is.
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Request for certain terms
Since you have an advantage in this home selling process, you can make specific requests of buyers. The most common is the sale-leaseback, a type of arrangement that allows you to stay in your sold home until you move into your new digs.
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Examine each offer
Choosing the right buyer in a multiple-offer situation can be a challenge. That’s why you need to weigh the pros and cons of each buyer and decide on the best and strongest offer. You’ll also need to evaluate each offer based on your research and the information given, each buyer’s financial situation, the price offered for your home, the home inspection conditions, and the time frame.
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Know your deal breakers
At the end of the day, you make the decision on which buyer’s offer you’d like to accept. Knowing what you want from the start of the home selling process can help you narrow down the list of potential buyers. Decide on which items are non-negotiable, such as the price and the closing date.
If you need help handling multiple home offers, let Scott Semer be your guide. He has over 20 years of real estate experience and expert knowledge of the home selling process. Contact him today at 1.480.353.0299 or send him an email at scott(at)scottsemerrealestate(dotted)com.