You didn’t expect so many offers when you put up the house for sale. However, they keep coming, and you’re anxious to pick the right one. According to Mark Roemer Oakland, when you are overwhelmed by so many offers, it is essential to assess your options more carefully so that you don’t miss out on the best deal. Here’s how you can do it:
1. Talk to your agent– It is essential to list down your priorities before you put the house up for sale. Be transparent and frank with your real estate agent about your requirements, and that will help you choose the right deal that fits your unique situation. For instance, if you want to sell your house because of a job relocation, speed is your primary concern. That means if you can get early offers, it would be favorable for you since it allows you to negotiate appropriately before the deadline.
2. Go through the deals and purge contingencies– When you go through each transaction, look at all the contingencies carefully. These are conditions set by the buyer to agree and go through with the deal. That means you need to take those conditions into account and calculate the necessary steps you need to go through before you get paid. Please don’t ignore these contingencies since they have the potential to kill great offers instantly. Some of these contingencies include buyer financing, property appraisal, home inspection, and more.
3. Don’t be stubborn with the “rule out the first offer” code– Until and unless it’s an emergency, everyone wants to test out the market. However, do you want to lose a golden opportunity that may not show itself again? Fortunately, you have resources like real estate agents who have analyzed the market and may know if an offer is too good to lose.
If you don’t have that, you can look at other factors. For instance, if it’s a cash offer, you can get rid of one contingency, and if you have a small buyer pool due to an individual element in your house, you shouldn’t be too hopeful about the market. During such circumstances, the first offer is usually the best offer.
4. Don’t get emotionally involved in the deal– Selling your house is a business transaction. You need to keep your emotions out of it if you want a good deal. Irrespective of the reason for selling your home, if you include feelings about the house or your situation, it’s going to reflect poorly on the passbook. If you are anxious due to your personal reasons and condition, you may come across as weak during negotiations. You may respond too quickly compared to the buyer’s offer and want to exit the deal as soon as you can.
Mark Roemer Oakland believes that you should be able to identify reasonable offers based on your buyer’s financial strength, concessions, and their flexibility. Pounce on a good deal when you see one, as you never know when another will come along.