Now that your home is on the market, you will see buyers’ interest rise. Agents are scheduling more showings and you are even starting to see offers coming from qualified buyers. Before you know it, you may have multiple offers in front of you and that can be a bit overwhelming. Choosing the best offer doesn’t need to be a stressful time. Instead, let these helpful tips guide you to making the best choice for you.
1. Consider the buyer's financial strength. We'll be honest: Money is a key ingredient of a strong offer. Spoiler Alert: The highest offer doesn't mean it's the best offer. Be cautious taking the highest offer because you could discover that the buyer can't back it up. This happens if a buyer offers more than what the home is valued at. If this happens, the buyer may not be able to cover the difference. And if not, the whole deal falls through.
2. Look at contingencies and concessions. We all know that money is essential. But keep this in mind. High costs can come disguised in other forms than just the price. Some buyers have grandiose concessions that can be costly to you. For example, if the buyer is requesting major repairs be made, new appliances are included, or fickle finance terms, make sure that the cost won't break your bank and is something you are comfortable with accommodating.
3. Compare closing timelines. Many folks have no trouble selling a home in this market. The tricky part is beating the buyers to get your new home. It's a frenzied buyer's market and many areas are seeing extremely competitive markets. It can be extremely daunting when you are about to close on your old home but still haven't secured your new one. Just remember that it's probably best to remember that if you're ready to move right now and your buyer isn't, you should probably consider a different offer.
4. Use a trusted agent. This can be a very chaotic time in your life. You need a trusted liaison to guide you through the darker times and celebrate your successes. The Galvin Group Real Estate can help you from start to finish with both the sales and purchase process in the South Boston area. You can view our open houses or check out some of our luxury listings. Also, make sure to follow us on social media for the latest updates, listings, & pro real estate tips.