As soon as you put your house up for sale, you can begin to expect offers on your property. What happens, though, if more than one person wants to buy your house? How do you select an offer that is actually going to be good for you? There are actually several things to consider when you have multiple offers on your home.
Your Priorities
There are lots of reasons you may need to sell your house. For some, selling your house fast for cash is a necessity because you just need to get out from under it. For others, selling your house fast for cash is nothing short of a must because you have a mortgage payment due that you just can’t make. In situations like that, you would want to select a buyer who is willing to pay fast cash for your house. In other situations, though, you may have plenty of time on your hands because you’re downsizing or you simply want a different space. If those are your biggest concerns, you can simply wait for the largest offer to come in. The key here is to think about why you’re selling your house. Do you want to sell your house fast for cash so the process of selling is done? If not, what do you value most – a fast sale or a higher price? Considering that will help you select the best possible offer.
Think About Contingencies
Often when buyers come up with an offer, they’ll include a number of conditions – called contingencies – to help them get the best possible deal. These can include buyer financing, a sale contingent upon the appraisal, or even the home inspection results. Some even make the sale contingent on selling their own properties. These can often be a bit risky for potential sellers, so knowing which offers have those built in should help you better select the best offer on your own property.
Consider the Buyer’s Finances
In addition to reviewing your own needs and any contingencies the buyer has tacked onto a potential contract, you’ll also want to work with your realtor to better understand whether the buyer is actually qualified to buy your home. Find out whether they’ve been pre approved by a bank for the money they need to make the purchase. If not, you may have concerns about a mortgage loan potentially falling through at the bank before the sale can close.
Choosing the Right Buyer
If you’re ready to sell your home, and you have multiple offers, there are several things you can do to choose the right one. If, however, you’re not sure you’ll get any offers, it’s important to note that we buy homes fast for cash. Give us a call today to learn more.