Receiving multiple offers when selling your home might seem like a dream, but what do you do when you’re not sure who to choose? This situation is more common than you’d think, especially in popular markets where there’s a lack of homes for sale. Here are the questions you should ask of your estate agent and potential buyers, when picking the new owner of your house.
How will the buyer pay for the property?
Understanding the financing involved with selling your home can seem like a headache, but an experienced real estate agent can easily break things down for you. They’ll help to verify proof of funds to back the offer and explain the full terms of the buyer’s financing, so you understand every nook of the deal. Another thing to consider is the method of payment. Whether the mortgage is pre-approved or not can help you decide between multiple offers when selling the house. You may find you have a cash buyer when selling your home – this can be more appealing as no lending approval is necessary.
Why do they want to move here?
Find out whether there’s something specific that makes one buyer really keen on the area. Perhaps they need to move here for a new job or they want to be closer to family. Some potential buyers will even enclose a personal note explaining their motivation, which can be useful to help decide between multiple offers when selling the house. Buyers with extra motivation tend to work harder to close, and may have fewer requests for concessions in order to get their dream property.
Which timeline works best for you?
As the seller, you get the luxury of choosing an offer with a closing date that best suits you. You can always counter a closing date, if your favourite offer doesn't quite fit with your timeline too, especially if you’re involved in a chain. With multiple offers on your home, don’t be tempted to make it into a race for the best counter offer – a rushed deal will be less likely to close. Consider all offers fairly, allow time for counter offers, then give yourself and your agent a chance to deliberate too.
What are the conditions of each offer?
When selling your home, make sure you understand and have considered all the contingencies that the buyer has included in the offer. If these aren’t met, for example passing an inspection and getting the mortgage approved, the buyer could back out of the deal. Fewer contingencies are certainly an attractive feature to help decide between multiple offers when selling the house. The flip side of this is that the buyer may be looking for homes for sale at a competitive time, or in a popular area, so may add extras in to sweeten their offer. These extras could include the offer to pay some of your closing costs, or even to escalate their offer and outbid if necessary
An experienced agent will be able to clarify, calculate and secure the very best deal for you. For help with selling your house, contact Engel & Völkers today; our expert real estate agents will guide you smoothly through the process to securing your dream deal.