Multiple-offer situations are a common occurrence in our fast-paced, low-inventory market. If you list your home and it generates multiple offers, there are three key tips to keep in mind to ensure you select the right offer for you and your family:
Qualify your buyers. You don’t want to get yourself entangled in a deal with a buyer who can’t actually make it to the closing table. Scrutinize the financial qualifications of each buyer so that you can weed out the ones who haven’t done their homework and are therefore more of a risk to your home sale than a solution.
A flexible buyer will offer you more time to prep your home and move out.
”Look for the best terms. These will include the buyer’s earnest money deposit and the amount they plan to bring to the closing for their down payment. This will let you know how much liquid cash each buyer has. Additionally, determine each buyer’s flexibility between the closing and possession timeline; more flexibility means more time for you to prep your home and move out.
Have a backup offer in mind. When there are lots of qualified buyers in the market, the opportunity to accept a backup is important, just in case the first offer falls through for any reason. This way, you can keep moving forward with the transaction without having to start all over again and source a new buyer.
As always, if you have questions regarding this particular topic or anything else pertaining to real estate, please feel free to reach out to us via phone or email. We at The Adler Home Team are here to be of service and help you realize your buying or selling goals; we hope to hear from you soon!
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