Tips for Evaluating Multiple Home Offers

Tips for Evaluating Multiple Home Offers

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multiple home offersYou were worried you might not get a bid close to your listing price, but now you have multiple home offers to choose from. How do you decide? Do you go with the highest bid? What if there are two that are the same? Should you flip a coin? You are probably feeling a little anxious over making this decision, but it sure beats having no options. Below are a few tips you will find helpful when evaluating multiple home offers.

  1. Identify the Most Serious Buyer

It sure would be a shame to go through negotiations with one buyer who ends up not really ready or one who can’t get approved for the loan. Of course, all buyers are going to say they’re serious, and they may even think they are.

A good way to figure out who the most serious buyer is by finding out if any of them are pre-approved. If a buyer has already met with a lender and has been pre-approved, they know they can close if they win the bid.

If all interested parties are only prequalified then look at who has the largest deposit and/or down payment. If someone’s not willing to hand over a respectable earnest money deposit then they are probably not all that serious.

A serious buyer is probably working with an agent or they may have already made contact with your agent. So they have looked at other homes. They know what they want and what is available.

  1. Consider Your Living Situation

If you have already purchased a new home and you are ready to move any time then this won’t really apply to you. However, if you haven’t even started shopping yet and you have one buyer looking to move in right away and another willing to give you a little time, this could be the deciding factor.

  1. Review Demands

If you are planning a cross country move and you are trying to follow a strict timeline, you might not want to deal with the buyer who has a list of contingencies that will slow the process down. If another buyer has a lower bid, but no demands, they may be the better deal.

  1. Keep Your Options Open

Even if you are sure you picked the most serious buyer and you both have similar timelines don’t completely cut ties with other buyers. You should always have a backup option, just in case the process does not go as planned.

Having multiple home offers may seem like the biggest blessing in the world, but it can actually cause a little stress. Don’t just look at the bid when making your decision; step back and evaluate the whole picture before deciding what direction you want to go in.

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