When considering multiple offers to purchase for your home, there is no doubt price plays a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s a big difference.
However, price isn’t the only thing to think about when comparing multiple offers.
For example, if Offer #1 is conditional upon the buyer selling his current property, then what if that doesn’t happen? You could end up with an offer that falls apart and be forced to list your home all over again.
In that circumstance, accepting the lower offer may be your best move.
There’s also financing to consider. If you get an offer subject to obtaining financing, that may not be the right offer to choose even if it is for a higher amount than the offer where the financing is for sure.
The possession date is another important factor. Offer #1 might propose a possession date that’s perfect for you, while Offer #2 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #2. There’s nothing wrong with that necessarily, but the costs and additional hassle are factors to consider.
As you can see, assessing competing offers isn’t as easy as it looks.
Fortunately, your REALTOR® is on your side. I can anticipate all of the pros and cons to an offer, explain what they will mean to you, and help you make the right decision for your circumstances.