How to Choose the Best Offer in a Bidding War
Receiving multiple offers from buyers looking for homes for sale in Birdland Pleasanton CA is a good problem for a seller. Of course, selling your home for top dollar is always desired but there are other factors that you have to consider before you choose the best offer.
I will speak about terms below. You may wonder exactly what that means. Terms could be the number of days needed to close escrow, the number of days to complete home inspections, the number of days needed to remove contingencies for a full loan approval and also, the amount of down payment. Some buyers may be using FHA financing and only putting 3.5% down on the purchase while others might have 20% or more as a conventional buyer. Both are good choices, so looking at the other terms above are helpful in determining what is truly the best offer for your personal situation.
Here are five easy ways to make the most of your next home sale:
1. Be familiar with the process
Your trusted real estate agent who specializes in dealing with real estate for sale in Birdland Pleasanton CA will help familiarize you with the process. One thing that she will tell you is that all offers are negotiable. When you receive an offer from several buyers, you have three options. You can accept one if you like the offer. Otherwise, you can reject it. The third option is to respond by asking that terms be modified, which is called making a counter offer.
2. Be clear with your priorities
Another way that can help you in choosing the best offer is being clear with your priorities. Determine your personal goals when it comes to your property sale. Talk with your agent about what you want out of the deal, understand what you may have to give to get what you want, and negotiate accordingly. Think about what terms are negotiable, and which terms are not negotiable. You may have to wait and stand firm through a number of offers if you have a specific price in mind. If you want to sell in the soonest time possible, you may want to accept the first offer that comes knocking on your door.
3. Create an offer review process
If you are confident that your home will receive multiple offers from buyers looking for houses for sale in Birdland Pleasanton CA, work with your agent to establish a review process. Set a time frame in which buyers must submit offers. This way, your real estate agent will have ample time to market your home to as many potential buyers as possible. You will also have the opportunity to review all the offers you receive and give them all a thorough look-through.
4. Carefully review every term
Make sure to evaluate all the terms of each offer. Remember that other terms are just as important as the price. Check if the amount of earnest money the buyer proposes to deposit toward the downpayment is sufficient. Keep in mind that the lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise. Ask yourself if all the terms are acceptable to you and if you are willing to compromise in order to achieve your ultimate goal of closing the sale.
5. Always proceed with caution
Sellers sometimes find themselves in a situation where they have a counter offer and they receive a new offer that is better than the one they are negotiating. If this happens, here are your options. You may cancel the current offer before the potential buyer has responded. Your agent can then speak with you about sending a multiple counter offer. This form can only be used if you truly are more than one offer to be countered. Now you will have 2 potential buyers bidding against each other with specific price and terms you have set forward.
Check out http://www.HomeValuesPleasanton.com for more home selling ideas, and for a free market evaluation of your home in Birdland.