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.
This website can serve as your home for information about real estate. Here, you will find articles about the buying process and others on the selling process. We've also included content related to getting a mortgage, finding a real estate agent, and scheduling an inspection. We hope that by addressing all aspects of the real estate world, we will make you better prepared to handle any real estate transactions that might be in your future. After all, real estate can be a really smart investment, but only if you buy the right home and know how much to offer. Start reading, and enjoy what you find.