7 Ways to Choose the Best Offer for Your Property
Posted: Jan 23, 2020
So, you're selling your property, and you now have several different offers. That's an excellent position to be in, so take a deep breath and decide on which one to accept.
Define Your Priorities and Objectives
Let your realtor know what matters most to you before you start accepting offers from potential buyers. That way, they'll be on the same page as you and will be more qualified to field the proposals.
You're aware of the priorities in your life and for making a deal. If you need money in a hurry due to an emergency or divorce, you will likely tell your agent to hurry along and close as fast as possible. If the matter is not as urgent, it's possible to hold out to get the most significant reward.
What matters most is that your agent understands so that there's no friction on the closing day.
Don't Automatically Rule out the First Offer
Many times people get the idea that they'll flat out refuse the first offer they get. They may figure that there will be plenty more, and all of them will be superior. However, the first deal may be the finest one. If that's the case, there's no good reason to wait.
Watch out for Deal Killers
Sometimes a buyer will add a contingency to the deal that makes it untenable. If there are way too many hoops to jump through before getting paid, that could strain finances. You may decide against taking that chance and going with a plan with more guarantees for your end.
You want the deal to close as soon as possible, so strange terms are not right. You want to pick the offers where you receive payment the fastest. That reduces your risk and helps you get on to the next phase of your life.
Get the Bids You Want
If your property is in-demand, there's a chance it will incite a bidding war. In overheated markets near their heights, it's possible to entertain lots of excellent bids from qualified buyers. If the property is older and needs repair, or is in a stagnant area, there well could be fewer overall offers. If you anticipate this issue, the solution is to take a more realistic take on the process.
Consider a Cash Offer
Why not look for a cash buyer? Companies that say we buy any house mean it. They are willing to pay cash for a property as long as the deal makes sense. The beautiful thing about that is it cuts way back on paperwork while also reducing fees to agents and agencies. That extra money flows back into your pockets, where it belongs.
Cash rules out something going wrong at a later date. With financing, it is always possible for a snag. When that happens, the waiting costs money. That's one of the primary reasons people are willing to accept less money overall for the convenience of getting the payment faster.
Forget Emotions and Remain Business Like
It's understandable to have emotions about your home. However, when the time comes to sell, you have to rely on pure business intellect. Your feelings will only get in the way of making a calm, rational deal. Even though you may have strong feelings about the value of your property, you will only get what the market bears. There's no reason to feel sad about it, either. Markets rise and fall, and most of the best deals happen strictly because of timing.
Look for the Strongest Offer
When considering how robust an offer is, it's worth thinking about the buyer's merits. Those with stable finances or cash must take precedence. It feels terrible to get your hopes up about a sale, to watch it fall apart because of bad credit or something unknown. That's the reason cash remains so powerful. Someone willing to pay for the house in full has to be the best overall qualified buyer.
Getting the best deal is never a problem, especially when you define your objectives. If you want the most money, you'll need to wade through several proposals. Otherwise, you may sell for cash to the most qualified buyer.
Robert Keith is a professional writer with a passion for outdoors, home improvement and personal development