You’re selling your property and you find yourself in the exceptional position of having multiple offers on your property! First, congratulations to you and your agent – hopefully that’s me! Secondly, don’t make a rash decision and jump at the highest offer. Highest is not always best. In an ideal world, all offers will be good solid ones but that’s not always the case once you look past the numbers.
Here are other considerations that may impact your decision:
- Closing date.
Will the date that the buyers want to close work with your plans? How flexible are they if it doesn’t?
- Cash or Mortgage.
Is it a cash deal or do we need to wait for mortgage approvals?
- Earnest Funds.
Offering a larger escrow is one way a buyer communicates seriousness to purchase.
- Does the offer come with any contingencies that might delay or derail the sale?
- Is there an inspection contingency? Repairs can reduce your profits if the buyers are requesting they be completed at your cost.
In a multiple offer situation, it’s very important you choose an agent who will set clear deadlines and follow up regularly with all interested parties to ensure all offers arrive and are responded to in a timely matter. Your agent should verify the buyer’s funds immediately and may also establish a backup offer should the initial contract dissolve.
I hope this information helps you to know what to expect in a multiple offer situation when you’re the seller. This past year in Tahoe has been a very busy one with numerous multiple offer situations. I’d be more than happy to help guide you through yours. Please give me a call if you’d like to work with an experienced Tahoe Real Estate Agent.