The offer process can be one of the most stressful and emotional parts of the process. In a competitive market, there are often multiple offers, ranging in price, contingencies, closing time frame and financing. All terms must be reviewed as a whole in an offer, and compared to other offers. It is also important that your agent calls any of the lenders, for Buyers that are financing, to ensure that the lender has properly qualified the Buyer. When determining which offer to accept, it’s best to go with your gut!
Do – Depending on the market, it may be best to review offers for sellers like you as they come in (first come basis), or set an offer deadline after the open houses. In a competitive market, is it usually best to set an offer deadline, so all offers come in at the same time, and you can compare them to each other.
Don’t – Discount a financed offer, over an all cash offer. Depending on the financed Buyers qualifications, it could be just as good as an all cash offer.
Do – Let your agent know what terms you are ideally looking for in an offer. This could things such as; a fast close, longer close, Rent back until X date, As-Is offer, etc. This gives the agent the opportunity to communicate this to the Buyer’s agents, and you are more likely to get what you are looking for.
Don’t – Reject a good offer, just because it is the first offer that you received. Often, the first offer that comes in, is the best offer, because that Buyer wanted to make sure no other Buyer’s get a chance to write an offer as well.