While this might not be the dilemma for a lot of homeowners listing their property, in today’s hot market, especially around the Mesa area, we are seeing a lot of multiple offer situations and it can get overwhelming for homeowners/sellers. Just this past week one of my sellers received multiple offers and had no idea what any of them meant. This is why it is extremely important to have a qualified and experienced real estate agent on your side helping explain all the details and navigate the sometimes confusing legal jargon of a purchase and sale contract.
Price isn’t everything.
The highest priced offer is not necessarily the best offer. We received multiple offers of over asking price but the terms may not be as favorable. Perhaps one of the offers is a VA loan where my sellers have to pay the closing costs and it’s a zero down option so that might not be a great choice for sellers. You have to look at all the terms and conditions to a purchase and sale contract before deciding on which offer to go with.
Timing is essential.
You have to look at the time frame set forth in the offer. Perhaps the buyer wants a closing date too far away from your goals. Perhaps they want to close to quickly and you’re not prepared for that. Of course, everything is negotiable but the time frames may just not be in your best interest.
Contingencies.
An offer may come in with a great down payment, over asking price, but just too many contingencies. Perhaps the buyer needs to sell their own house before buying yours. Perhaps they want to neighborhood feasibility contingency where they need 2 to 3 weeks examining and checking out the neighborhood before finalizing the document. There are a lot of different contingencies that can add on to an offer making a cash offer or even a higher down payment offer not that attractive.
So, price isn’t everything and it’s just one of the components to a great offer. This is why is necessary to evaluate every detail in the offer and have a qualified agent help explain and decipher the offer.