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Facing Multiple Offers On Your Home

Posted by iSell Properties on June 9, 2016
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Facing Multiple Offers On Your Home? Here’s How You Can Filter The Best Ones

It’s kinda ideal for a property to receive tons of offers when it gets listed on the market. It doesn’t happen all the time, but there are certain homes that are just too good to not be considered by home buyers. If you’re lucky enough to own a home like this, it could be difficult to distinguish which offers are worth listening to and which ones should be declined from the very start. If your property happens to be a good catch, different kinds of prospect buyers will come your way and different offers will be given to you.

However, in choosing which offer to take, the general rule of thumb is going for an offer that includes the most money, the soonest closing, and the least number of demands. These are the things that usually matter most. However, there are also some other key guidelines that you should look at to help you decide.

Here are some key points to look for in an offer:

Who’s got pre-approved for a mortgage?

The best way to set the good prospects apart from the others is to determine which ones already received a mortgage in principle. Not only will this ensure you that the transaction will not fail at the end of the day, this also says a lot about the buyer’s genuine intention to buy a home. It’s also okay to cater to people who are just looking around, besides, every onlooker is a prospect buyer or a prospect referrer. Saying no to anybody isn’t exactly recommended. However, if you are lucky enough to receive offers from people who have already been pre-approved for a mortgage, this should be the best time for you to set your priorities, and give more priority to those who come with a pre-approved mortgage at hand.

Let’s compare the overall terms.

Offers aren’t always about the price. There are other deciding factors when it comes to figuring out which deal is the best one. There are prospect buyers who do not haggle with the price but demand a lot of additions to what has already been included in the deal. It’s possible that the buyer would ask to get a free appliance or furniture, and it is also possible for the buyer to ask that you pay for some or all of the closing costs that come with the transaction. In such case, just do the math and see if the client isn’t gonna cost you so much money that you’ll end up with minimal profit.

Who’s the most enthusiastic to buy your home?

There are many ways to distinguish the most serious buyer among the group. One way is by looking at the people who are willing to waive some things out just to close the deal. You’d want someone who is fine with not going through home inspections and you’d also want the ones who are all prepared to close the deal without waiting for anything like getting their previous home to be sold or have their lawyers finish the paper works. The people who are serious about home buying are usually already prepared with all the things that are needed to buy a home. These people are usually just looking for the most fair deal within their criteria and then grab the chance to buy the property without wasting so much time.

The minor deciding factors that may also help you in determining the best buyer:

Well, if you’re still unsure with all the offers that you’re getting, you can also consider the buyers’ mode of payment, and the date when they can finish the deal. The ideal client is someone who can pay in cash. Cash payment is something that is difficult to say no to, even if it means giving a huge discount. The only problem is that cash basis payment does not happen all the time. There are times when the mode of payment is through a mortgage, and in such case, the best way to trim the group of mortgage payers, aside from their demands, is through their closing dates. Choosing someone whose mortgage closing date is sooner than the others is a great choice. It’s best for you to close the deal as soon as possible to avoid back outs and any other changes. If the closing date is too far away, there are still chances that the buyer changes their mind, and there will also be a chance that his/her loan would fail along the way.

Conclusions

As a whole, the whole home selling thing is a long process. It’s never easy to find the best buyer, and it’s never easy to get the profit that you have set in your mind. However, if you prepare yourself for the work and you focus on doing all that you can to win the best offer in town, it won’t take so much time before you can close a transaction. Nonetheless, things are a hundred folds easier than normal if you have multiple offers for your home. This would mean that the property is a good catch and no additional improvements are required to attract buyers. But overall, if you’re choosing between buyers, you’d want to go for someone who isn’t only serious about the purchase, but at the same time gives you a fair offer.

The best person to help you in this situation is your estate agent, which is why it is always recommended to get assistance from a professional when selling a property. For Sale By Owner homes are also fine, but it’s always better to have someone to consult with when things get confusing. – iSellProperties

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