An offer typically contains the purchase agreement (the binding sales contract), terms of the deal, a closing date, amount of earnest money deposit, requests around title and inspections, and contingencies for inspections, sale of the buyer's home, or any other requirement.
In a seller's market, the seller has two choices to receive offers on their property. The traditional choice is to simply receive them as they come in. Another popular choice is to create an offer review date, in which you, the seller, will choose what you feel is the best offer on that day.
While it is understandable as to why sellers may choose an offer review date, consider that it may turn away buyers who do not want the pressure of competing with multiple offers at the same time. You also risk a buyer not wanting to wait for an offer review date and would prefer to give you two days to decide upon their offer. When the housing market goes back to a buyer's market, which it will at some point, this choice will be much more important.
Here are aspects to consider when you review multiple offers:
As with any important decision, take deep breaths, ask questions, and communicate with your real estate broker so you are informed and confident in selecting your best offer.
Ready to sell your home? Schedule an initial consultation with John P. Sharp today. Let's discuss your real estate goals and how we can help you achieve them.
Don't lose your head! You may be thrilled at offers for your home that exceed your expectations but be aware, if the buyer is being financed by a lender, they may not get approved for the amount they offered. Unless that buyer is willing and able to make up the difference in cash, you'll end up with a dead deal. So, keep a clear head and really investigate the offers you receive -- especially those that seem too good to be true. This is another reason why it is so important for you to have a thorough and competent real estate broker, like John P. Sharp. Continue forward with the Selling Guide.
John P. Sharp, Premium Real Estate Broker with Skyline Properties, Inc.
19515 North Creek Parkway, STE 214, Bothell, Washington 98011, United States
Call us today at 425-230-2525
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Premium Real Estate Broker with Skyline Properties, Inc.
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