With the real estate market being as hot as it is in many areas, it may not be unusual to receive multiple offers. Knowing what to do in this situation can be the difference between coming out ahead or having no deal at all. Your real estate professional should help guide you through the process, but here is a list of things to consider.
Price Isn’t Everything
Despite what you may think, the highest bidder is not always your best bet. There are many other factors that go into the process. You will want to know that the potential buyer is not overextending themselves for example. Knowing whether they are a cash buyer, or perhaps their down payment amount should help you determine this. The last thing you want is to find out the buyer is overextended and the deal falls through in the final hours.
Factor in Other Items
A potential buyer will often times include a list of contingencies with the home. You will want to carefully review these and compare them to your other offers. You may find that the buyer expects you to pay all of the closing costs. This offsets the offer price so you will obviously want to consider the financial impact of all contingencies before making a decision.
What Are the Closing Terms?
There may be terms in the offer that suggest either a long or short closing period. When it comes to selling your home, the more time that passes, the more likely a deal is to fall apart. You will want a seller that is confident that they can close in a short amount of time. This could mean that they have the financial security to do so. This type of transaction involves far less risk and a greater likelihood of closing successfully.
At the end of the day, there are so many factors that can affect your decision. This is why having an experienced and knowledgeable team of realtors on your side is so important. This is a milestone in your finances and you want to make sure you are making the right decision every step of the way.
If you are interested in buying or selling property in the Costa Mesa area, Contact Torelli Realty.