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There are more homebuyers than homes to buy right now. That means a lot of home sellers find themselves in the fortunate position of having multiple offers to sift through, with many offering more than listing price. Welcome to a hot seller’s market! While having a bunch of buyers throwing money and promises at you is a wonderful problem to have, you still need to know how to choose a single offer. (Hint: It’s not always the highest one.)

The strongest offer for one seller might be the highest offer price, for another it could be the slowest closing window. If the seller wants to avoid making repairs, maybe it’s the offer without an inspection contingency.  

Here’s how to choose from multiple offers on your house and pave the way for a smooth sale.

Let your agent be your expert guide

Bidding wars aren’t as easy to navigate as you might think. While this may be your first time dealing with multiple offers, an experienced real estate agent is an old hand at this.  Tap into their wisdom for strategies on getting the strongest offer for your house and closing the deal on time.

Make sure the buyer can actually pay what they’re offering

The buyer offering the most money for your house always moves to the front of the pack, of course. But your agent can help you determine if the buyer has the bank to make good on the offer — and if it’s really the strongest offer in terms of securing the cash to close.

Your agent can help you manage these important factors:

Review all the contingencies

When buyers craft an offer, they usually include some conditions that must be met before they officially buy your home. If these conditions are not met, the buyer has a chance to back out of the deal. These contingencies may include getting approved for a mortgage, having the home pass an inspection or making sure the home appraises for a certain amount.

Review these contingencies with your agent and make sure you are okay with all buyer asks. As a seller, look for contracts with fewer contingencies to increase the odds of closing.

Consider the lender

You and your agent should also consider the lender that pre-approved the buyer. If the mortgage company or bank is known in the area and has a reputation for approving buyers that acquire financing, they’re a better bet than a buyer working with a lender with little or poor reputation.

It’s a good idea to research lenders if you and your agent are not familiar with them.

Negotiate, negotiate, negotiate

If you have gotten many offers, you’re in a great position to negotiate. Sure, you can take the offer with the highest price and call the house sold. But your agent may be able to leverage a better offer for you. 

Here’s how you do that: Once your agent presents you with all the offers you’ve gotten from buyers, you can go back to the strongest bidder and make a counteroffer. Your agent can advise you on terms that make the most sense for you to request, with the promise that if the buyer accepts, the house is theirs. The terms of the sale you might consider include:

The Verso Homes Team loves working with Sellers to select the BEST offer in this hot seller’s market. Are you ready to move on to your next chapter?  Send us a message, and let’s get started.

Here are a few more tips I’ve put together for home sellers:

Does the For Sale Sign in Your Neighbor’s Yard Make You Feel Like You Live in a FISHBOWL?

Why should I sell my house when I retire?

Preparing to Sell Your Home

Home Staging By Verso Homes

Top Investment Property Upgrades to Increase Rent and Equity

Email: [email protected]

Call / Text: 949.929.5727

Article Source Zillow

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