How do I pick the best offer?
If your agent has done a good job and the market conditions are right you will receive multiple offers. Knowing how to respond to multiple offers can help you get the best price and terms for the sale of your home. Legally you can only counter to one offer at a time so you want to make sure it is the best one for you. Go through each offer in detail with your agent.
Once you agree with the price and the term of the offer you sign it. Buy signing it you turn the offer into a ratified contract. If you do not agree with the terms but want to move forward with the offer than you create a counter-offer.
Following are elements which typically make a good offer:
Price: When the offer comes in, ask yourself if it is one you are willing to accept? Is the offering price based on the market value of your home? The price the buyer puts forth usually is not the price you asked for. Are there any tradeoffs that can be made?
Terms: You want the offer with as few terms and conditions possible. At the very least, you’ll want to get a clear understanding of why such terms and conditions have been included. You will especially want to review if the offer has realistic loan terms.
Closing Date: Make sure the date is realistic, and works with your schedule.