How Do I Manage Multiple Offers!

 If I Get Multiple Offers On My House, How Do I Decide Which Offer To Accept?

Multiple offers are a good thing.  Still you can make a mistake if you don’t look at more than just the price being offered.  Carefully weigh each buyer’s offer by considering these factors:

How large is the buyers down payment?  A larger down payment shows the buyer is serious and can afford to do so.

Is the buyer pre-approved?  Never take your home off the market without knowing that the buyer is able to purchase your home.

When do they want possession?  When the buyer’s timing fits your preferences, it can make their offer more appealing.

What repairs does the buyer expect before closing?  Even if you are willing to make repairs, think about the time and cost it will take to complete the repairs before you accept.

What items does the buyer expect to remain in the house?  Buyers may request to keep appliances or wall-mounted televisions.  Factor the cost of replacing these in your next home into the offer before accepting.

 If I’m A Buyer In Multiple Offers, What Can I Do To Make My Offer More Attractive?

If you are going to buy and expect multiple offers, keep in mind the above points in order to better position yourself.  In addition you may:

Write a letter to the seller from the buyer.  Selling is emotional, the seller may prefer to sell to a buyer who will retain the current character of the home as opposed to doing major renovations or to a young family with children versus an investor who will be renting out the house.  You can also praise the seller for the way in which the maintained the home.  Let the seller know you really want the home.  Sometimes, sellers may give you an opportunity to better your offer over others if they have an affinity toward you.

Get a pre-offer home inspection.  Instead of having a home inspection afterward, do one before you put in an offer.  You can then be certain of your offer and avoid putting a home inspection clause.  You will also know in advance how much you need to hold back for future repairs.

Be accessible.  Sellers usually want to have everything resolved ASAP.  Be on hand to sign any documentation or initial changes so that your offer can be binding right away.