In today’s competitive real estate market, it’s not uncommon for some homes to receive multiple offers. If you have two or more buyers who are interested in purchasing your home, it’s time to read each offer carefully and choose the one that makes the most sense for you.
Here are a few things to consider beyond the sale price:
Buyer Financing and Stability – A well-qualified buyer is far more likely to make it to the settlement table without a hitch! You’ll likely receive both a pre-approval letter from a lender stating that the buyer is tentatively approved for a loan, as well as a Buyer’s Financial Information (BFI) sheet with all of their assets and debts. Take the time to go over these with your real estate agent, and use them to evaluate how solid the buyer’s financing may be. As a general rule, buyers who are putting down more money (let’s say 10% or 20%) tend to be more likely to smoothly secure a mortgage without any hiccups.
Settlement Date – Does the buyer’s proposed settlement date work for you? Some buyers, and especially first-time buyers, tend to be a little more flexible with their settlement date, but others may need to close within 30 days — which may be far too soon for your schedule!
Inspections – Nearly all buyers will perform some type of home inspection prior to settling, and most will make the deal contingent upon it. Take a close look at what types of inspections the buyer wishes to perform, and their proposed timeline for it.
Conditions – Is the buyer making the home sale contingent upon any other terms? Some buyers will need to sell their current home first, and will submit a “Sale of Other Property Addendum” with their offer. Your EveryHome agent will be able to get a better sense of the level of risk involved, and you can evaluate if it’s a condition that you’re comfortable with.