In a time when multiple offers are not uncommon, how do sellers pick the best one?
The highest offer in a bidding war may not always be the best one.
1. FINANCING
Consider the buyer's overall financial position. If they're paying cash - do they have the funds? If they're financing, can they back up their offer (pre-approved)? What type of loan do they have (some types take longer to approve than others)?
2. EARNEST MONEY
The amount of earnest money deposit (EMD) or "good-faith deposit" a buyer includes with the offer shows how serious they are in purchasing. A high EMD demonstrates a buyer's strong intent to follow through with the sale.
3. CONTINGENCIES
These are buyer requests. The most common are financing, appraisal and home inspection. If the contingencies are not met - depending on the contract's terms - the sale can fall through.
4. CLOSING TIMELINE
The deal with fastest close is ideal if you're ready to move right away. Moving takes time and effort so if you're not ready just yet, closing too soon can put you in a difficult situation. That's why the offer with a suitable closing date is important when picking an offer.
Need help selling a home in Parkland, Coral Springs, Boca Raton or the surroundings? Have an expert on your side. We will appreciate the opportunity to earn your business. You can call/text us directly at 954.592.4251 or 561.245.1710, or use our contact form. - Pierre J Denis, REALTOR®, Associate Broker, RE/MAX Advisors
Home Selling: Choosing the Best Offer
This blog is for informational purposes only and does not constitute legal advice.