As author, entrepreneur, philanthropist, and life coach Anthony Robbins once said: “Every problem is a gift – without problems, we would not grow.”
He’s right — particularly when it comes to problems that are good to have. We’re not talking about ridiculous first-world problems like visiting a country that doesn’t have a Dunkin’ Donuts.
We’re referring to things like starting a new business and being unable to keep up demand for your service or product. Or in this case, having to choose among multiple home offers.
Lucky for you, there are tried and tested strategies for choosing the best offer for your home. Read on to learn more about them.
Tips for Evaluating Home Offers
1. Price isn’t everything
Sometimes, people make the mistake of considering only the highest bidders. While money is a huge factor, it shouldn’t be the only thing that influences your decision.
Consider proposed closing dates and whether or not the bidders are okay with waiving contingencies (e.g. attorney review, inspection, etc.). You should also check each bidder’s earnest money. This will protect you in case a buyer suddenly backs out of the deal at the last minute.
Another thing to take note of? The stability of each bidder’s financing. Will it come from a sketchy lender? Are they paying in cash?
If it’s the latter, with no contingencies, it could be the better offer — even if it’s a bit lower than what you were expecting.
2. Honesty is the best policy
Having very similar home offers could happen. If that’s your dilemma, the best thing to do is to be upfront about the time frame and refrain from leading on your bidders.
Be specific about deadlines — and make sure you enforce them. Negotiating in good faith means giving everyone an even playing field. This way, they each get a chance to strengthen their offer.
3. Read and review the terms
Any agent will tell you that no offer is final.
For you to negotiate well, you need to understand the process. This means reading and reviewing the terms of the entire contract.
If there’s anything you’re not so sure about, go over it with your agent or broker. This will help you in case a buyer asks for some terms to be modified or if another buyer asks you to cover some closing costs.
4. It’s nothing personal
Selling a home is difficult, especially if you have an emotional attachment to it. That said, you should steel yourself. Don’t be offended if some buyers try to justify their very low offers.
Treat it is a business deal, ideally one where you and your chosen buyer both come out as winners. If there are complaints about your bathrooms, for example, consider them a negotiating tactic and respond in kind.
Got Multiple Home Offers?
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