Once your home is on the market, offers will start to come in. Depending on what you’re selling, offers may take some time or come in at a rapid pace. When faced with the choice of choosing which offer is best, there is no need to be overwhelmed. Here are some tips to help you select the offer that best suits your needs.
- Take time to comprehend the process. Keep in mind that an offer is negotiable, so you have the option to accept it, reject it, or ask for modifications (known as a counteroffer).
- Create your standard. Determine ahead of time which terms are top priority for you and let this guide your decision. If price is the most important aspect to you, you may need to be flexible with the closing date. If you’re worried as to whether the buyer will be able to get a mortgage or not, you may want to ask for a prequalified or cash buyer.
- Make a review process. If you’re certain your home will receive several offers, talk to you agent about creating a time frame for the offers to come in. This will give the agent time to market the home to as many buyers as possible. It also gives you time to review each offer as they come in.
- Don’t let personal feelings get in the way. Treat this as a business transaction; that’s what this is after all. If someone doesn’t like the kitchen or a room you have remodeled and have therefore offered a lower amount, don’t take it to heart. It’s still a good sign that the buyer is interested, even if your style isn’t their preference. Remember to negotiate.
- Go over each term. Is the buyer asking for appliances or other property to be included in the sale? Is the earnest money sufficient? Have they been preapproved for financing? Is there another contingency involved? Read over all terms so you know what you’re getting into with each offer. If something is a deal breaker, you may need to walk away and move on to the next best offer.
- Don’t be afraid to get creative. Find out what is most important to the buyer and see what you can do to meet their needs so you receive the best offer.