Three Tips for Evaluating Multiple Offers
Clinton, MD Homes for Sale - If you’re currently in the market to buy or sell a home within Clinton, MD or the Washington, DC Metropolitan area, you’ve probably guessed that we’re experiencing a unique market. Some home prices may have dropped and others has significantly risen. But one constant variable is the almost certain multiple offers being placed on homes. Now for those who are potential homebuyers this may seem frustrating but for home sellers this is great news. After-all, who wouldn’t appreciate all the attention and the ability to decide which offer best suits their needs. You Mr/Ms Home seller have presented your home in the best possible light, aesthetically and price wise; your reward is around the corner. So what to do in the case of multiple offers?
Identify the most favorable buyer and work with them to seal the deal
Naturally, many people would believe the highest priced offer is the best offer. This isn’t the case, you must ask yourself, was the contract well prepared? Is the buyer Pre-Approved or Pre-Qualified (or neither of the two), also what was the Earnest Money Deposit that was put down. These are all telling signs of a serious buyer, it also just isn’t enough to determine if a buyer is approved, but having your realtor contact the buyers lender to determine suitability would definitely be a great tool. Some Real Estate Brokers would go as far as having the buyers do a financial statement document to go along with the offer for review.
What conditions or contingencies were attached to the offers?
Trust me when I say that contingencies can make or break an offer. Some home sellers prefer not to jump through hoops when listing their home and may not allow inspection and/or other contingencies. Some may preclude the usage of FHA or VA Loans because of their standards. But for the most part if you’re not doing a quick sale and you truly want the best deal possible and your home is favorable, it’s a no-brainer to allow a smooth process by selecting the most ideal offer with conditions that you’re willing to work with. Remember everything in real estate is negotiable. Use the multiple offers as leverage. Go back to the one you’re willing to accept and advise them that they can potentially be the winner if they removed certain contingencies based upon other offers you’ve received.
Get a backup offer
There is nothing wrong with saying offering the rejected offer the ability to become secondary if the primary doesn’t go through with the process. Depending on the contingency dates and their likability of the home you may have a win-win situation. Get the secondary or backup offer in writing to make it official and notify them soonest once contingencies has been cleared. Hopefully you’re ready to make the best of your situation. Happy selling!
Clinton, MD Homes for sale and Real Estate Service. Sherman Hardy is your local Real Estate Expert for Washington, D.C., and surrounding areas. You now have free access to Washington, DC Ultimate Real Estate Search Engine! I'm ready to provide you with a custom home valuation if you're considering selling your home. Google or call me today and let’s discuss how I can help you. Sherman Hardy 301-659-5004