Selling your home can be a long, stressful process. From staging to the physical moving out, one of the most stressful aspects you don’t normally consider is managing the bids and offers on your home.
While your initial reaction may be to accept the highest offer, this may not be in your best interest. Browse through my tips on managing multiple offers and accepting the best bid for you.
1. Consider the Price
Of course, a higher offer is going to get you attention and peak your interest, so it’s okay to consider it! However instead of looking at just the offer, it’s best to consider the finances behind it.
Offers that backed by cash, or have been pre-approved for a mortgage are better to accept because you’re less likely to encounter problems with them at closing. Bidders that are dependent on a loan to buy your home may be rejected for a mortgage if their offer is too high and the bank considers them a risk.
2. Review the Contingencies
When potential homebuyers put in an offer, they’re allowed to earmark them with contingencies, which are basically conditions that if are not met allow them to cancel their offer. While the contingencies depend on your unique and individual situation, it’s best to review each one very carefully.
When accepting offers, it’s generally a good rule to look for one with less contingencies so your deal has a better chance of going through. It’s always disappointing when a deal crumbles due to a small detail.
3. Plan on Move Dates
If you’re in the midst of selling your home, it’s most likely that a quicker close will be more attractive. If you’ve already moved into your new place and are looking at paying two mortgages, a buyer who will have a quicker closing time will be in your best interest.
However, conversely, if you’re not in a huge rush to move, an offer with a longer closing time but higher bid may be best in your financial situation. Each situation is unique, and you should work closely with your real estate agent and financial advisor to determine your options throughout the process.
Make the Move Today!
If you’re planning a move to the Detroit metro area and want to find your dream home, contact CB Preferred! As your local real estate experts, were happy to guide you through real estate throughout Southeastern Michigan, explore the area, discover its beautiful neighborhoods, and find the perfect home for sale.