How to Choose among Multiple Offers
My listing at 9342 Airdrome Street in Beverlywood was a 🔥 one. Minutes after it hit the market I started receiving calls. "When can we see it?" "When are offers due?" "What is the seller looking for?" I managed the process to allow enough time for serious buyers to view the property while keeping the momentum going. This lead to multiple offers. What then?
Situated on a quiet, tree-lined street in the Beverlywood Homeowner's Association, thi...
In this case, I was able to negotiate an ALL CASH offer ABOVE ASKING PRICE with NO CONTINGENCIES that closed on the day the seller preferred. That's a dream deal in anyone's book. And it only happened because the seller chose the right offer from among several. But how?
Of course every seller wants the highest possible price. But there are other important factors too. A great offer price means nothing if the escrow doesn't close. Some other aspects to consider are...
- Is this a buyer who just wants to tie up the property and then make the seller miserable with unreasonable demands for credits or extensions in escrow, or is this a buyer who is motivated to close?
- Can this buyer easily afford the property or are they using every last dollar they have, making it more likely there will be a last minute financial issue that will derail the escrow?
- If there is a loan, is their pre-approval letter just a worthless piece of paper based on a 5 minute phone call, or is it an actual commitment to lend?
- If it's a cash offer, have the funds been verified?
- What kind of reputation does the agent who represents the buyer have? Does s/he know the area well?
- Contingencies - how many and how long?
The answers to these questions can make the difference between a smooth, pleasant escrow at a great price, and a stressful nightmare of an escrow that ends up cancelling and forcing the seller to put the house "back on market," causing buyers to wonder why it fell out of escrow and what's wrong with the house. 🤬
Advising on these matters takes a neighborhood expert. I know all the plays, and all the players in Beverlywood and adjacent neighborhoods. It's where i live myself and where I specialize in selling. If you're considering selling your home, I'm here to help create a multiple offer "situation" for you too!