Multiple Offers on Your Home
NEW JERSEY REAL ESTATE BUYERS OFFER – NEGOTIATING WITH HOME BUYERS- Multiple Offers
Home Offers – Realtor Colts Neck NJ
Buyers Offers ! Hi everyone, its Melissa DeSantis, Exp Realty. A few weeks ago. I talked about responding to a low offer which had happened to one of my sellers. However, shortly after I put on a listing and within a matter of days we received multiple offers. I want to talk a little bit about responding and receiving multiple offers. Of course, it’s very exciting. Both a seller and an agent as well when the home they’re listing receives multiple offers. However it can also be very confusing. Overwhelming, and difficult to decide and really know which truly is the best buyers offer. In the market that we are currently in with a lack of inventory, meaning there are not many homes on the markets, multiple offers have become quite common. How do you decide which actually is the best offer? Of course, price is important but the highest price doesn’t necessarily mean it’s the best offer. First, you need to consider, do the buyers have a home sell contingency? Do they need to sell their home in order to purchase your home?
Multiple Offers on Your Home – NJ Real Estate Risks
If so, and you decide to accept this buyer’s offer, you have to understand the risk that you’re taking because should something happen and the sale of their home doesn’t go through, then it likely becomes a domino effect and they’re not able to purchase your home. This puts you in a bad position and you’re probably going to be starting all over again. You also want to consider financing. Of course, cash is always the best, but if it is a cash offer, you want to make sure you obtain the funds and that they’re verified. If it’s a mortgage, you need to consider how much money the buyer’s putting down, pre-approval is provided, and I always reach out to the lender to verify that pre-approval and also speak to them and confirm that they don’t see any issues or unforeseen problems with closing the loan. In the case of multiple offers, many times it will drive up the price of the home above the listed price and you need to keep in mind, especially, with the mortgage…. is the home likely to appraise?
CONTINGENCY – Real Estate Freehold NJ
If my sellers are considering an offer with a mortgage, I, many times, reach out to the buyer’s agents and ask her or him if the appraisal becomes an issue, are your buyers willing to waive the appraisal contingency? Another consideration is time, are the buyers willing to close when you want and need? If the buyers must close within 30 days and you need more time, then this likely is not the right buyer for you.
Lastly, I always say consider the buyer’s motivation. If they have a friend or family member who lives in your development, then their motivation is likely greater. As a seller, this puts you in an even better position. Multiple offers are a great problem as a seller to have. If you have further questions or would like to know how to position your home to obtain multiple offers, please reach out to me.