In a situation where there are multiple offers, how can you win?
Your home has finally gotten an offer after all of your hard work. There’s a good chance you’ll receive many bids in a hot real estate market like East Texas. In that situation, there are a few considerations to make while selecting the greatest offer for your home.
Count on the Maxwell Team’s expertise and experience.
Fortunately, you have an experienced real estate team on your side to assist you in dealing with various offers. You should, however, have a basic awareness of how the process works. In the case of many offers, we may encourage you to choose one to begin negotiating with, or we may request a highest and best period, in which all purchasers are given a deadline to submit their highest and best offer. You essentially have three alternatives when it comes to negotiating an individual offer: accept, reject, or make a counter offer.
Prepare yourself mentally for any offers that may come your way.
You should have your limits and baselines in mind before accepting the first offer. When it comes to selling your property, decide ahead of time what is most essential to you. If price is your first priority, be willing to be flexible with your closing date and due diligence period. If you absolutely must close by a certain date, you might be able to be more flexible on pricing or terms. Setting your limits ahead of time will make it easier to accept or reject a strong offer and move on.
Keep In Mind All Factors
Yes, the most important element for most vendors is price. But keep in mind that there are a slew of other considerations, including earnest money, closing charges, contingency periods, financing terms, and items included in the transaction. Finally, if the transaction closes on schedule and with minimum complications, picking the offer with fewer stipulations and stronger financing may be worth a lower sales price.
Is the Buyer Financially Capable?
Accepting an offer from a buyer who is pre-qualified and has financing in place is the best option. As a result, the purchase will not fall through due to the buyer’s inability to get the necessary financing. Pre-approved buyers should include a letter from their lender with their initial offer, indicating the amount the bank is lending to them. An all-cash buyer is also excellent, but you must ensure that the buyer has the necessary funds to acquire your home. Consider requiring recent bank statements or an official bank statement when accepting cash offers.
Take a look at the down payment.
Earnest money is simply a good-faith deposit on your home to demonstrate the buyer’s commitment to the transaction. A little sum of money as a deposit? The buyer may not be as serious as you would like and may walk away from the transaction. The more earnest money you can get as a seller, the better. Keep in mind that if the buyer decides not to proceed with the purchase, the earnest money may be refunded to them.
For example, if the buyer is unable to obtain finance owing to valid reasons, or if they decide to back out of the agreement during the due-diligence phase. However, if the buyer is serious about buying your house, you may be able to negotiate a non-refundable deposit, so ask for one if the buyer agrees.
Choose the Most Appropriate Closing Date
The ideal closing date differs from one person to the next. Some sellers are working under a tight timeline and need to be settled into their new house as soon as possible. Others demand a rent-back agreement, in which the sellers remain as renters in the residence after it has been sold. Most sellers wish to avoid moving again after selling their house, so double-check that the closing date in the offer fits your schedule.