AND THE HOME GOES TO THE HIGHEST BIDDER! (OR, DOES IT?)
You list your home on the market, and you’ve received more than one offer. So, you choose the one offering you the most amount of money, right? Not necessarily.
Here’s what to consider before moving forward on an offer:
What is important to you?
We review this with you before the home hits the market. Do you want a quick close? Maybe your new job starts soon or you want the kids settled before the holidays. Would you like an easy transaction with the least amount of hassle? Maybe you’ll need a rent-back while the next home is getting finished. Make a list of what’s most important to you in the sale of your home, like a tight moving deadline or your financial needs.
Review the contingencies.
Now that you’ve established your top priorities, determine your bidders’ conditions for the sale. IN CA there are inspection, appraisal and loan contingencies. What are the time lines for each? Can they waive 1 or any?
Compare good faith earnest money deposit and financing.
People interested in purchasing your home need to show you their proof of funds for closing costs over and above the loan amount or for an all cash offer. No, a picture of a pile of money in your grandmother’s sock drawer does not count! (yes, this really happened!) The more money they put into the deposit, the more likely they are to be able to back it up with financing. You can ask for an increased deposit at a certain point during the escrow. Also, what type of loan will they be using and do they have a pre-qualification or a pre-approval letter? Did you know there is a difference? There are some loans that are more strict than others in that the potential lender required repairs they could ask you, the seller, to pay for.
We review all the many facets of each offer with you to determine which offer will meet your needs and have the best chance of closing escrow.
Are you ready to get a great offer on your home? Get in touch today: 925-788-6582.