People discussing home selling offer at table

Selling your home is a huge undertaking! There’s so much that goes into the process. But if you find yourself in the fortunate situation where you have multiple offers on your home, what are your next steps? How can you make the best decision? We’ve compiled some important steps to help you pick the best offer for your home. 

Discuss Offer Expectations

When you’re starting the process of listing your home, one of the first things you want to ask yourself is this: What are my offer expectations? What do I hope to sell my home for?

If you have a partner or family members who are involved in the process, it’s important to discuss this with them, too. They can likely provide some additional insight, and you can all get on the same page.

A real estate agent can help you even further, as they know the real estate market in your area best. They can help set realistic expectations based on what the market is like and answer any questions you may have. A great realtor can let you know if your expectations are too low, too high, or just right! 

Looking for an expert realtor in the Durham Region? Contact us today to get in touch with the experts on the Dan Plowman team!

Go Over The Offer(s) In Detail

When an offer is made on your home—or multiple offers are made on your home!—you’ll want to go through the paperwork in detail. That’s where your expert realtor comes in handy again!

Although you can do this step by yourself, it is recommended that you have an agent look over the details. They have the knowledge and know-how to determine if the offer is a good, strong, and serious offer, and they can flag anything that comes up that may not be ideal for you. For example, when an offer is made on a house, usually this comes with contingencies. Your agent will know how to handle this best—and knows the best ways to negotiate! 

Learn About The Potential Buyer

An offer has come in and you’re having difficulty deciding whether or not you should accept. Or, perhaps there are several (seemingly!) great offers to choose from. Now what?

Learning more about the potential buyer is a great way to determine if they’re the right fit. An agent might see that the buyer who submitted the offer has not yet been preapproved for a mortgage. This could cost you valuable time, and can indicate that this offer might not be serious. The same can apply to a buyer who might submit a very low down-payment.

In contrast, a buyer who comes forth with an all-cash offer is incredibly appealing. This means that the offer is a serious one, and that there will unlikely be wait periods that could negatively impact you while moving. 

Sometimes, a buyer might write something to you or speak with you about their earnest interest in the property. In situations like this, it’s completely up to you to decide on who you feel is the perfect buyer!

Consider The Fine Print

With each offer submitted comes contingencies. A home inspection, for example, is a popular one, in which a good result will determine whether or not the buyer will complete the purchase. 

However, too many contingencies can sour the offer for you. Think about how these things might cost you time and money. Consider when your new place is available to move into, when you plan on leaving, and then how long closing will take for your buyer.

While the amount that the buyer offers is an important factor, it is not the most important factor when choosing an offer. Consider everything above when deciding between a multitude of offers—and good luck!

Posted by Dan Plowman on
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