Holy Cow! Multiple Offers Batman! What Now?

Orlando Real Estate Podcast with Chris Myers

We’re currently in a low inventory market with high demand, which is great if you’re thinking about selling your home. However, this does not mean getting a high price for your home will be easy! We spend over $10,000 a month on marketing, and we put that to work for our clients. The average agent’s marketing budget is only the size of a car payment! The bottom line is, we get more people looking at your home than the average agent. Who wouldn’t want that? When you list with us, we make recommendations on what you can do to maximize value. Because of our experience of selling over 100 homes a year, we know exactly what buyers want. Our marketing, plus a low inventory situation, will get your home maximum exposure - and more exposure means a better chance of generating multiple offers! Once you generate multiple offers, you need to prioritize them by superiority. Remember, the offer with the highest price is not always the superior offer; the amount of money down, financing, and other terms can be just as important! Here are some tips on how to review an offer: Is the Buyer Pre-approved or Pre-qualified for a Mortgage? Contrary to popular belief, a seller with a pre-qualification is simply not as good as one that has been pre-approved. It is an important thing to consider when looking at an offer and the difference can easily make or break your transaction. When a buyer has been pre-approved, the lender has reviewed and verified all the important aspects of the financial transaction. “Once you generate multiple offers, you need to prioritize them by superiority.” How Much Money Are They Bringing to the Closing Table? As our marketplace leans heavier and heavier toward a seller-centric environment, the issue of how much down payment they will be able to make will come up more and more. When a buyer has more money down on their purchase, it is definitely a stronger offer than one where the buyers have less at stake. Look for a letter or statement from the bank demonstrating their ability to cover the funds promised as a down payment. Is There a Contingency To Sell Another Home First? Many buyers have a home to sell first before they can move forward with a new purchase. In the offer you receive from these buyers, you will likely see a contingency upon the sale of their home. When comparing multiple offers, if one buyer is able to buy your home without needing to sell their home – the chance of other problems or mistakes will reduce significantly. How Far Out Is the Closing Date? The ideal closing date is about 30 days from the date of accepted agreement. When you start getting into closing dates that go out two months or more, there tend to be more problems. A lot can happen in that much time, whether a job change, life change or even a change of heart – so if there is an offer with a closer closing date, that would definitely be the stronger choice. We hope you found some of this information helpful. As always, we look forward to assisting you with all your real estate needs and, in the interim, if you would like to learn more about today’s hot real estate topics, call us at 877-586-2636 or email us at [e-mail]. We look forward to hearing from you soon!