Tips for reviewing multiple offers as a seller
One of the most crucial times when we represent sellers is when we present offers... some sellers see this is a culmination of all of their hard-work to get the house ready for the market, a new beginning in the form of creating a new life for themselves, i.e. travel (one previous client decided to buy an airstream and travel around the U.S. for a couple of years before re-settling down), downsize and many other reasons.
It's very important to look at an offer in its entirety, rather than to only focus on the highest selling price. We like to make a detailed chart showings all of the factors that make up an offer, amount of downpayment, proof of funds, contingencies period, any letter that a buyer may have provided with the offer.
One scenario: You may get a top-dollar offer with a small downpayment, let's say 3%; and another offer that has 25% downpayment but offer you $10,000 less than highest offer, we will highly suggest to you as a seller to consider taking the lower offer because this buyer will have less trouble getting a loan and able to buy your property. Plus a buyer with a higher downpayment may be able to remove appraisal contingency. More details in future blog article.
Another scenario: One buyer submits his offer contingent that he sells his property first, this buyer is very qualified and his property is already listed, but in all reality there is no deal if he can't sell his property, it works as a domino effect. This offer has a higher probability of being delayed or the buyer may not be able to perform. In this case, you as a seller may decide to cancel and it may or may not have a negative effect on your property.
And lastly, you may be a seller looking to lease-back the property in order to be able to move only once and/or use the proceeds of the sale for your next purchase, therefore selecting an offer from a buyer who has flexibility on lease-back option is key.
There are many other unique situations while reviewing multiple offers. What we offer you the seller, is a very clear communication style that isn't hard selling or pushy. We are here to guide you through the process and answer any questions you may have....plus our top negotiating skills help you get top dollar!