If you are in a position of having to decide between multiple offers on the property you have put up for sale, then congratulations! You have certainly done something right, as you now have buyers competing for the privilege of being the next owner of the home you have so successfully marketed. However, while reaching this stage in the property selling process certainly means that you’re nearly there, many find it a particularly difficult stage.
It is also a stage in the process that is not without a certain degree of stress and an imperative to act quickly. CityHome Collective, a real estate brokerage offering homes for sale in SLC, UT, say that there is still the danger here of having the best offer slip through your fingers. Just because a potential buyer has put an offer on your home doesn’t mean they’ll see it through – and this is something that can often be time sensitive.
The best advice – as is always the case with these matters – is to seek the help of a professional realtor with the requisite expertise. Nevertheless, it’s well worth knowing a bit about how to decide yourself among the many different buyers who could potentially be fighting over your house. After all, it is you that will make the final decision.
The Right Person for Your Home
Another thing about this decision is that it can also be an emotional one. After all, you also want the right type of person to “inherit” your home and get as much out of it as you did. This might sound like entirely emotional consideration, one that doesn’t really have much importance where the hard realities of the property market are concerned, but when it comes to homes (especially family homes) it would be wrong to say that this is not a consideration that is important for many people. Seeing kids growing up in a home means many home sellers want to imagine the whole cycle starting again.
Tips for Choosing the Right Buyer
Nonetheless, when it comes to selecting the right buyer for your home, the practical considerations are naturally a bit more important. But what about when several buyers come in with numerically similar offers? Here are some things you might like to consider (and many of them do go beyond the price offered).
Straighten Out Your Priorities with Your Realtor
This tip isn’t actually a way of deciding on a buyer, but its important advice nevertheless because your priorities are bound to be diverse – and you might not even know what all of them are. Your realtor will though. Work out what your priorities are, or should be, with your realtor and then they can advise you on the best offer.
Review the Contingencies
Specifically, these are all the steps that need to occur before you actually get paid. These include things like a home inspection, buyer financing, and property appraisal. Any of these could be – or should be – a deal killer for an otherwise great offer, price wise.
Don’t Rule Out the First Offer
Wanting to be careful can end up hurting your chances of getting the best deal. It is common enough for home owners to disregard the first deal because they want to “test the market”. But the first deal could be the best one you receive. You might not be able to tell that it is, but your realtor can.
These are perhaps the three most important things to consider, and they all have something in common. The advice of a good realtor with good local market knowledge is essential.