I wrote this post nearly 10 years ago, and last time I checked, this home had been foreclosed on and was still owned by the bank. I should have taken it as a sign when the listing agent told
Seller Tips For Reviewing Multiple Offers
Low inventory and attractive interest rates are fueling multiple offer scenarios for many Home Sellers today. Well priced listings attract buyers, even during the holiday season.
So, assuming all offers are similar in price, how do you decide which offer to accept?
I counsel clients to keep the big picture and closing process in mind as we consider these factors:.
1. Qualification: Is the buyer pre-approved with a reputable lender? If the offer is all Cash, can the buyer provide proof of funds or are they waiting on some “should be here any day” type of windfall?
2. Financing Type: Some loan programs require additional fees to be paid for by the seller, some take longer to close, and some have a higher failure rate than others. You’ll want to know this information up front.
3. Additional Items: What personal property, if any, is the buyer asking to be included? Factor that cost of replacement into their offer.
4. Inspection: What are the buyer’s expectations regarding repairs and is your property in the condition needed for their type of financing?
5. Closing Date and Possession: How long are you willing to keep your home off market and when does the buyer expect you to vacate after closing?
Sorting through multiple offers can be challenging, but ultimately it’s a great way to tailor the closing process to your needs.