Life is known to throw you bittersweet moments for every big phase that you go through.
When you’re looking at buying a new house, it’s a very exciting time. When you get the call that the new home is all yours, it’s even more elating.
However, while the new house is a blessing, that also means saying goodbye to your current home. One that you’ve filled with memories and poured so much work into.
Needless to say, you want to find someone that will cherish it the way you did.
You may have multiple offers on the house, so here’s a guide on what to do if that happens.
What you need to understand is that this process is first and foremost a business situation.
The offer that you choose will be providing for your family in some capacity. So you need to try and take as much emotion out of the situation as possible. You need to think the way a business owner does.
That said, money isn’t everything. It’s certainly important, but there are other things to consider as well.
This is why you shouldn’t jump at the highest offer that you receive. They may just be doing that to get the keys to the house. What if they bit off more than they could chew with their offer?
They may not be able to close on the house. Even after you told everyone else that made an offer “no” already.
Talk over every offer with your real estate agent in great detail. They’ll have the experience and know-how to give you advice on what you should do.
If all this sounds too exhausting, there are other ways of selling your home and getting the price that you desire.
One of the biggest problems you may be having is getting everyone’s final offers on the table.
You have all these “interested” parties floating around saying they’ll make an offer when all their doing is leaving you as a prisoner of hope.
You’re the one in control. It’s your property. You call the shots.
Make sure all parties understand the urgency that they need to have in order to be considered. Let them know they need to have their final offers in by a certain window, as it isn’t fair to keep the other parties waiting.
Also, make sure you aren’t skyrocketing your asking price. That could be the main thing that’s scaring people from committing to an offer.
Stay within reason for your asking price and your prospective home buyers will do the same.
Those that offer close to your asking price won’t just give you financial peace, but peace-of-mind that they’ll cherish the house as much as you do.
One thing that many sellers overlook is the level of contingencies that certain buyers place in their offers.
If you don’t know what those are, contingencies are essentially a couple of conditions that you as the seller have to meet. If you don’t, it allows them to back out of the entire deal.
Granted, these home-buying contingencies are there to protect both yourself and the party that’s buying your house. However, that doesn’t mean you shouldn’t keep a watchful eye out for what they’re asking.
Read through and find the offers you have that have as few contingencies as possible. It protects you from falling into a bad situation where the buyer leaves you hanging.
Here’s a solid question for you: Would you rather someone give you $100 in cash right now or a promise to give the same amount in a few month’s time? The answer is pretty obvious, right?
The same thing goes for the offers that you’ve been given by potential buyers. While one offer has more money, the buyer will need a mortgage to reach it. That means waiting for them to find approval for a loan.
However, if they’re preapproved for the loan, then it’s a whole different story.
They’ve already found someone to give them the amount that they offered you. That will quicken the process and give you the compensation you need much faster.
Yes, it’s true that all the balls are in your court once offers are on the table. However, that doesn’t mean these potential buyers will stop looking at other properties to wait for your phone call.
You could literally fall into a scenario where your desired offer gets taken out of your hands in the form of that party withdrawing.
Now, you’re stuck with the remaining offers that are waiting out. Odds are, those will be the ones you were least considering.
It doesn’t have to be an overwhelming process. Use the real estate agent as your compass through this time. Reiterate to them your desire to act on the offers and reach a decision quickly.
Dragging out the time table won’t work in the way you’re hoping. It will more than likely backfire on you. Considering this isn’t a scenario you want to be caught retracing your steps, you’ll want to act fast on any offers you can’t refuse.
Consider it a very good thing to be dealing with multiple offers on your house. It certainly beats the alternative.
Carefully read through each offer and weigh out which one(s) make the most sense for you and your family’s situation.
Be sure to read our other articles that pertain to both this topic and other topics just like it.
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