Now most home sellers would be thrilled with just one offer, let alone multiple ones at the same time.
This is however happening more and more in the DC market, as the inventory of great properties stays at a multi-year low.
So what are some things to consider if there are multiple offers?
-Look at all the terms. Of course price is the first thing we will look at, and while it is probably the most important, the other terms must be reviewed as well.
-Compare things like how many days they want for an inspection and appraisal. In our market a 7 day home inspection and 21 day appraisal is about the right amount of time.
-What kind of financing and how much of a downpayment is the buyer putting down? The larger the downpayment, the more likely the financing will not run into huge issues. Conventional financing with 20% down or more is the best – except of course a buyer with ALL CASH.
-Make sure they don’t have to sell a home first; before going through with the purchase. While you may accept this contingency under some circumstances, if you have a choice, take the more sure thing.
Sometimes you will receive multiple offers and the basic terms and price are the same. If you are confronted with more than one offer that have basically the same terms, you have to consider other factors…
Factors can include:
-Who is the lender? A large reputable bank or a never heard of operation?
-What about the buyer? Did they come into the Open House and act all fussy or did they come in and gloat about how wonderful everything is?
-Is the Buyer’s agent a strong professional type with a good reputation; or not.
Remember it is never OK to discriminate – but choosing a buyer who is well qualified and who seems easy to work with; along with an agent who understands the end goal is to get your home sold – is vital.
Every situation is different; so be sure to consult your agent and ask for as much information as you can.
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