When it Comes to Offers, it’s Not Always about Price

When considering which of two or more competing offers to accept for your
home, there is no doubt price plays a huge role. After all, if Offer #1 is
$10,000 higher than Offer #2, that’s an enticing difference that puts
thousands of extra dollars in your pocket.
However, price isn’t the only thing you should think about when comparing
multiple offers. There are other factors you need to consider as well.
For example, what conditions are in the offer? If Offer #1 is conditional upon
the buyer selling his current property for a specific amount, then what if that
doesn’t happen? You could end up with an offer that dies and be forced to
list your home all over again.
In that circumstance, accepting the lower offer may be your best move.
There’s also financing to consider. Most buyers will attach a certificate from
their mortgage lender to show that they can afford the home and will likely
secure financing with little difficulty. If you get an offer where the ability of
the buyer to get financing is in doubt, that’s a red flag.
The closing date is another important factor. Offer #1 might propose a
closing date that’s perfect for you, while Offer #2 is four weeks later. If
you’ve already purchased another home, you might require a month of
bridge financing if you accept Offer #2. There’s nothing wrong with that per
se, but the costs and additional hassle are factors you should consider.
As you can see, assessing competing offers isn’t as easy as it looks.
Fortunately, as your REALTOR®, I will guide you toward making the right
decision.