Your Home for Real Estate Information

Tips For Selecting Between Multiple Offers On Your Home

18 June 2021

Cody Day

Have you listed your home for sale, and received multiple offers from various sellers hoping to buy it? If so, you'll need to figure out how to select the right offer for you. Here are some things to consider as you narrow down your final selection.

Pick Who Offered The Most Money

Oftentimes it comes down to who has offered you the most money for your home. You want to make a profit on your house, and you only have one shot at doing so. If someone has offered you more than what you are asking for, it's easy to want to pick them as your top choice and accept their offer. However, the highest offer is not the only factor that you should consider.

Pick Who Has The Most Secure Financing

Your potential buyers hopefully submitted a pre-approval letter from their lender stating that they are approved for the home. Even if someone made a really high offer, you may want to pick another offer to ensure that it goes through. That's because someone without pre-approval could end up struggling to get the loan that they need to secure financing. If that happens, you'll waste a lot of time and money putting the home back on the market and trying to sell it again.

Have multiple offers of a similar amount, each with a pre-approval letter? It may be worth selecting the one that was approved for the higher value loan. This will give you peace of mind that they will have an easy time being approved for a smaller mortgage.

Pick Who Offered Cash

Is someone making you a cash offer, even though the amount being offered is not as high? Sometimes a cash offer can be very appealing for your situation. If you want to make sure that the sale goes through, a cash offer doesn't have to deal with getting their mortgage approved where something can go wrong. A cash offer will also close much faster since getting mortgage approval is often the slowest part of the home-buying process.

Pick Who Has The Best Reason To Buy

If you are stuck between multiple similar offers, see if anyone wrote a letter to go along with their offer explaining why they want the home. They may have a story that you empathize with, such as looking to start a family, liking the local school district, or anything that tugs at your heartstrings to help you pick. 

Reach out to a Realtor who can help you with this process. 

Share  

Search