let’s talk: MULTIPLE OFFER SITUATIONS
Hey Guys!
Last time we talked, we focused on how to prepare your home for market. As we all know, we are currently in a SELLER’s market. I had the opportunity to list my friend’s house for a sale a few weeks ago and well, it went better than we could have expected. We had 50+ showings in less than 72 hours, that resulted in over 8 offers. So, what does one do in a multiple offer situation?! Well, I will tell you what we looked for!
So, as we do, let’s talk Real Estate, let’s talk HOW TO HANDLE A MULTIPLE OFFER SITUATION…
#1 PRICE
Obviously, the goal is to get the client the most money in their pocket. So price played a huge factor when reviewing the offers. But I have to tell you, it definitely was not the only factor we considered.
#2 CONTINGENCIES
The less contingencies the better. Luckily, in this market, buyer’s are waiving contingencies left and right. Some are putting repair caps on inspections, or waiving them all together. Others are including appraisal gaps, or waiving them all together. Most buyer’s are also not including an SSP contingency which means they do not have to sell their current home in order to close on their new home.
#3 FINANCING
The stronger the financing situation, the more likely the deal is to close. Having a approval letter from a reputable lender can make or break a deal in this market. When I receive a pre-approval, I typically research the lender or reach out to them personally to get a better sense of the buyer’s financial position and likelihood of closing.
We were VERY lucky to have so many strong offers submitted over the weekend it was on the market, which made the decision that much harder. Myself and the seller’s went back and forth several times before we reached a final verdict but we are confident with our choice and hopeful that the appraisal comes in! Fingers crossed! For all of the other agents on here, how do you help your client select the “best offer”? What is the #1 thing that help’s an offer stand out to you?
HAPPY WEDNESDAY!
Erin
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