When selling real estate in Irvine, most property owners are excited if they can attract enough interest to get multiple offers. Having more than one party who wants to buy your property means you get to select the best offer possible. However, it can be tricky to figure out which offer is the best. Follow these tips if you need help deciding how to manage multiple offers.
Make Sure Each Buyer Can Afford His or Her Offer
Many buyers get competitive and end up offering an excessively high price to “win” the home. However, lenders typically insist on an appraisal and only offer a sum comparable to the home’s value, so a buyer might not actually be able to pay the offer he or she made. Be wary of ridiculously high offers that could lead to issues with getting financing. Read the offer carefully to make sure the buyer is preapproved for a mortgage, not just prequalified.
Carefully Consider the Pros and Cons
Most sellers are interested in the highest price, but keep in mind other offers with slightly lower pricing may be more useful for your own needs. For example, a slightly lower offer made in cash could be quicker and more convenient to close on. Look into the contingencies for each offer because you do not want to end up accepting an offer that falls through at the last minute. In many cases, an offer with fewer contingencies and a shorter closing time may be better than a slightly higher price.
Provide Counter Offers to All Interested Parties
If there are several good offers on the table, it might be in your best interest to reach out to all potential buyers with a counter offer. Letting all the buyers know other people are interested often encourages buyers to consider paying a little more for a home. Ask each buyer for their best and final offer to see what sort of deal you could end up making.
Get Help from Professionals
When you are negotiating a lot of competing offers, the legalese behind the negotiations could get a little complicated. Make sure to speak to an attorney or real estate agent in Irvine who can help you properly phrase negotiations.
Don’t Get Too Greedy
It may be tempting to try to keep leveraging offers against each other to get a truly great deal for you. However, keep in mind many buyers become frustrated if they feel like the process is dragging on for too long or they feel disrespected. Try to be fair and reasonable with each buyer and respond to all offers as soon as possible. Even after making an offer, your buyer might back out if you are too rude.
When putting up houses, townhomes, or condos for sale in Irvine, CA, homeowners should be prepared for the possibility of receiving multiple offers. Make sure you have a trusted local agent on your side who can help you sell your home. Contact the knowledgeable agents at OC Residential today at 714-454-6304.