It sounds like fun, but choosing the best offer when you receive multiple can be a challenge. Here are 6 Tips to ensure you choose not just the highest, but the BEST offer.
1. You don’t need to counter each and every offer. – This is urban legend #1. You actually don’t even need to respond to every offer (although I don’t recommend this). No response equals rejection in Colorado. In addition, the “Acceptance Deadline” is only applicable if you will be ACCEPTING that offer as written. If you will be rejecting or countering an offer, that deadline is meaningless so don’t stress about it.
2. Narrow your possibilities to those that satisfy the most important aspects of your move. – Each offer will have it’s pros and cons. Is price most important to you? Maybe it’s an earlier closing date or perhaps it is a later closing date to allow you time to find a new home. For some it’s knowing the deal is rock solid because you had a previous offer that fell through. The factors are different for everyone, but filter each offer based on what is most important to you and your situation.
3. Verify financing of your top contenders – A lender letter is a must when a buyer presents an offer, however, it honestly isn’t worth the paper it is printed on. Your listing agent needs to discuss the buyer’s ability to qualify for a loan with their lender.
- Has income & assets been verified or is it only based on verbal information provided by the buyer.
- Has a full credit report been obtained?
- Has the lender already had their underwriter review the file to ensure it will get approved?
These questions need to be asked to know how solid the financing is. Gone are the days where just a lender letter will suffice.
4. If the offer is non-contingent, VERIFY. – More than one seller and their agent have been misled by this fact. Ask for the contingent offer. Verify that buyer’s ability to qualify. Have inspections been completed? Any red flags. Verify Verify!!
5. How have your agent’s dealings been with the buyer’s agent? -Someone who has been polite, professional, competent and timely during the offer stage, is apt to be that way throughout the transaction.Other agents have a reputation of being difficult to deal with or always wanting to “win”, making the deal challenging. Ask your agent about their experience with the buyer’s agent(s).
6.Treat everyone fairly. Transactions fall apart, and you may be re-visiting these offers for a back-up if things don’t work out the first time.
More questions…give me a shout! 303-669-2744 x 105 or email firstname.lastname@example.org