Congratulations! You managed to receive multiple offers on your home. Now what? There are many things to consider when reviewing offers. The highest offer is not necessarily the best. Depending on your individual circumstances, some factors may be more heavily weighted in your priorities.
One of the most important factors to consider other than price are the multiple contingencies that an offer can contain. Some examples of contingencies usually relate to financing, inspections, or repairs that need to be made to the property. If a seller does not have any contingencies, it may something that puts that seller ahead of the others. This is because there are less ways for the buyer to back out if everything doesn’t go to plan.
Another very common way that offers fall through is because of some hold up or problem with the financing of the borrower. If a buyer is able to offer paying in cash this is obviously a giant advantage over other buyers. Not only does it increase the chance of the sale closing but it will also result in a much faster closing. Again, depending on your circumstances, this may be something you weight very heavily.
These are two examples that point out that the highest offer isn’t always the best. There are different priorities for different sellers so you have to consider what is most important to you when reviewing offers and base your decision off of that alone.
If you are interested in buying or selling a property in the Costa Mesa area, Contact Torelli Realty.