There are many factors involved when considering competing offers with your clients. Here’s a handy guide to help your clients better understand all of the offers on the table. Share it with them and let the referrals roll in!
Consider all of the factors that will determine which offer is right for you.
Where’s this money coming from?
Without cash or a letter from a lender that is providing a mortgage loan, buyers may not be able to afford the price they’re proposing. Ask your MetroTex Realtor to find out if potential buyers are prequalified or preapproved.
How serious are the offers?
Potential buyers will put a certain amount of earnest money toward the sale in advance of the closing to show they’re entering into this transaction in good faith. Your MetroTex Realtor can help you verify if the amount of earnest money is a strong offer, which is a sign of serious buyers. If the transaction closes, the money counts toward the down payment; if it doesn’t close, you may get to keep the earnest money.
When’s moving day?
Determine if the proposed timeline for the transaction matches your schedule. If the buyers want a closing date that’s too soon for you, temporary-housing costs could eat into that higher offer. Of course, if the buyers don’t want the transaction to close for a few months, you could end up paying two mortgages for a while.
They want the TV and the dining room set?
Buyers can put all kinds of things in an offer. They can request an option to terminate, ask for repairs, see if you’ll leave appliances or furniture, and make the offer contingent upon the sale of their current home. Your MetroTex Realtor can help you decide what is reasonable.