Understanding Why the Highest Offer Isn’t Always the Best One When Selling Your Home
When it comes to selling your home, nothing is better than finding a potential homebuyer who offers you the price you’re looking for. However, while the right offer is ideal, there are many other accompanying factors that may be less than perfect. Here are some things to consider in addition to sales price:
What’s The Timeline?
If you’re almost packed and you’re prepared to go, there won’t necessarily be any inconvenience in dealing with a 30-day closing period. However, if you’re not quite ready and are going to struggle during that time, having to close quickly can add to a stressful situation. While it may be do-able to make the arrangements to move in a short amount of time, if it creates an uncomfortable situation for you and your family, you may want to go with a more flexible offer.
The Details On Cash
The right price is indeed a good offer, but when it comes to homebuyers who can pay with cash, there’s a lot less to worry about on the back end. As a result, cash can easily trump many other offers for the convenience of not having to deal with lenders or many other factors involved in closing the purchase. While it might not seem like most people have the available cash on hand, cash purchases on real estate are becoming more common, and with less complication, they can be more enticing.
Are There Contingencies?
If you’re experiencing a bidding war with your home, it’s important to look at all the details of the offer. That’s why it’s important to look at any contingencies on the home sale that may have to do with the financing, appraisal, or inspection. A high price offer may be very attractive, but an offer for less money might be more likely to close more with much less stress.
It’s easy to get snared by the highest offer when selling your home. Consider all elements of the offer, financing, contingencies and time line. And remember, you can counter any offer to make terms more favorable to you. If you’re currently preparing to put your home on the market, give me a call at 901-870-3440.