When the market favors the seller, there's always the possibility of a multiple offer situation. These tips from a recent Re/Max.com blog post are worth sharing. 

 

Sellers: How to Decide Between Multiple Offers

Thu, November 12, 2015

What a splendid dilemma! You’ve received several offers on your property. Which one should you choose? It’s not always the highest one.

Here are just some of the areas your agent could ask you to pay particularly close attention to as you're weighing the options.

1. Do the math.
This goes beyond simply calculating the dollar difference between the various offer prices. Before you do that, be sure to do all the math. Subtract things like seller subsidy, home warranty, temporary housing (see 4.) and potential repairs to determine the net proceeds of each offer.

2. Consider the financing.
Can the buyer provide proof from the lending bank that there are funds to back the offer? Your agent can help verify this – and help you understand the terms of the buyer's financing.

3. Motivation.
Do the buyers have a baby-sitting parent in the neighborhood? A new job just around the corner? Buyers with extra motivation to purchase your home are less likely to press for concessions and more likely to work harder to close the deal. Some buyers even include a personal letter with their offer to explain why they want the home. These letters can be particularly helpful in multiple-offer situations.

4. Timeline.
Note the closing date each offer proposes. You'll want a closing date that best meets your needs. You can always counter a closing date, too, if the best offer doesn't quite meet your timeline.

***I've added #5 because it's been a talking point raised by several of my clients recently.

5. Peace of Mind. If a quick sale and peace of mind that the cash is in the bank are your priorities, then a quick settlement may outweigh a few thousand dollars. This was the case for one of my clients who wanted to proceed quickly to settlement before making an offer on a new home. She had two offers but the higher priced offer couldn't close for 60 days. She elected to take a few thousand dollars less in return for a swift settlement. If this sounds more your speed, that's fine- just think it through and do your homework. Do you have a place to stay or will you need to pay for short term housing? How much will it cost to store your belongings? How much will a moving company charge for a tiered move? Those are some of the things to research before accepting an offer on your home. Give me a call, I can help.

Weighing the pros and cons of each offer can be tricky. An experienced agent can help you clarify, calculate and secure the very best deal for you.

If you're considering selling your home and would like to know what your home is worth in today's market, give me a call at 703-216-2620 or contact me by email at SusanBorrelliHomes@gmail.com.