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How do you pick the best offer on your home when you’re selling?
As most people have experienced in the Bay Area, we’re starting to see multiple offers on properties. What we’re talking about today will even be helpful if you don’t have multiple offers! When you get multiple offers, there are three other factors to consider other than just price.
- The financing terms: How much are buyers putting down, and are they pre-qualified or pre-approved by a lender? Is the lender local and reputable, or a fly-by-night online lender?
- Contingency periods: Contingencies can be for inspections and appraisals, among other things. The standard time in California for a contract is 17 days - how much time is the buyer offering? Is the buyer making it shorter or longer? We prefer these periods to be as short as possible.
- What are the fees and costs buyers are asking you to pay? We’ll take a close look and make sure that what they’re asking for is the normal charges that we’ve reviewed from the beginning.
- What is the closing time, and will it work for you? Is there enough time between removing the contingencies (and the deposit becomes at risk) to the time buyers want to close?
With all four of these things considered, it’s a balancing act. If you get multiple offers or just one, it’s good to look at all four.
Thanks for watching today, I hope this information is helpful. If you’re interested in talking about real estate at all, we’re always here to help!