Selling your home in today’s market can often result in multiple offers. Here are some quick tips to help you choose the best buyer for your home!
Look Beyond the Price
A high offer is great, but ensure the buyer can actually get the mortgage. Review all contract terms with your real estate agent or attorney, focusing on the down payment and loan terms.
Check the Contingencies
Buyers often include conditions in their offers, like mortgage approval, home inspections, and appraisals. Fewer contingencies mean fewer chances for the deal to fall through, which can benefit you as the seller.
Understand the Buyer’s Payment Method
Cash buyers don’t need mortgage approval, making them more likely to close the deal. Ask for proof of savings and assets. If a buyer needs a mortgage, check if they are pre-approved, as this increases the likelihood of a successful sale.
Consider the Closing Timeline
If you need a quick sale, a pre-approved buyer is ideal. If you need more time to find a new home, look for a buyer who can be flexible with the closing date. Some buyers may offer rent-back options, allowing you to stay in the home for a while after closing.
Evaluate Special Requests
Some buyers might offer to cover closing costs or include an escalation clause to outbid others. These offers can tip the balance in their favor.
Getting multiple offers is exciting, but consider all factors, including price, contingencies, and the ability to close. This ensures you make the best decision for your situation.