3 Tips For Sellers Who Receive Multiple Offers
Selling your home is an emotional endeavor – and we want you to be as prepared as possible when the offers come in.
The Greater Ann Arbor Area is undergoing such a boom that many listings will receive multiple offers in short order. After all of the hard work you did getting your home ready to show, it begins to pay off!
The process of sorting out offers and deciding on which one is the ‘winner’ is sometimes a difficult job. Below we offer 3 tips on how to choose the offer that is best for you.
Critically Examine Each Offer
For our clients, we set up a grid outlining the nuances of each offer, such as: offer price, escalation clause, top price that they are willing to pay, an appraisal gap coverage, if it is cash or - who the lender and the lending institution is, the closing date, the possession date, (if you want possession after closing – what the rent back is that they are offering - sometimes it’s free), and any other items that may come with the offer.
Clarify Your Goals
It may be a simple choice. However more often, the offers are pretty close to each other in price, making it a more difficult decision. You usually want the most money possible, so that means that you should take the highest offer, right? The answer is sometimes – no. It could turn out that you take the offer that has the best terms – close date, possession date, a solid lender or cash, or fewer contingencies.
Can The Buyer Afford The Offer?
This may be the most important tip when it comes to getting multiple offers on your home. Buyers really want the house so they can get a little carried away with their offering price. Can they really afford it? The lender provided a pre-approval, but is it good enough to get us to the closing table? If it’s cash – do they really have the money? Check the proof of funding carefully. If you feel apprehensive about one of the offers, there is probably a good reason. Sometimes going with the second highest price gets the job done faster, smoother and with less stress.