When selling your property is in the highest offer always the best? I mean, don’t you want to get the very most of the sale of your home Russian Mark but far too often we are stuck on that one feature, the price, rather than all the other positive things that could be with other offers.
In hot real estate markets across the country, bidding wars are common. Buyers are having a hard time competing with other offers, especially offers that are in all cash or that escalate the price higher than the list price. But are there other ways to compete?
Because we deal with both buyers and sellers we can help sellers navigate the sometimes confusing world of an offer and purchase and sale agreement and we can help buyers customize their offer in order to stand out.
If you’re looking to sell your property there are other things to consider on the offer than just the price.
Consider the closing date. We’ve had people that have offered higher prices for homes but the closing date might be out three months. This might work great for the buyer but certainly not for the seller who wants to get out as quickly as possible. It’s more important to take the lower offer and sell faster than sit on the market just waiting for three months in order to close only to gain maybe five or $10,000 more.
Contingencies. You might have a cash offer but there could be a tonic contingencies such as selling a home before they can buy yours, inspection and financing contingencies, feasibility your neighborhood contingencies and there are other addendum’s and add-ons that you can add to an offer that will extend out the conditions required in order to close. All of a sudden that cash offer is not looking so attractive.
Unique financing issues. A buyer may come in with a high-priced offer but if they are not preapproved for that price yet or they still have to get financing, that might not be as attractive. If you have this type of an offer that’s suggesting $10,000 more than the asking price versus a full asking price offer that has minimal contingencies and a buyer that’s already done their financing homework, that all of a sudden becomes much more attractive.
That personal letter. Honestly, some of our sellers are drawn to a personal letter. Now, this is everyone but as a buyer, it can make your offer stand out. We’ve had homeowners that have received a letter from potential buyers telling them how much they love the area, they love certain features of the home and they really want their daughter or son to be in this great school district. Sometimes, appealing to the parenting side or even the vanity side of the homeowner can really make the offer much more attractive.
So it doesn’t come down to the highest offer necessarily. You have to weigh all of the details and terms of the offer to find out which one is really the best. If you’re looking to sell or buy throughout Northern Virginia and surrounding areas give us a call today. We’d love to answer any questions you might have about real estate and get you the home you’re looking for or help you sell quickly.