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Selling Your Home? How to Decide Which Is the Best Offer

Here are five tips to help you decide which is the best offer when selling your home.

Selling your home is quite an undertaking. While the ideal scenario is to find a buyer that is willing to meet your terms and accept your price, many sellers receive multiple offers that are each appealing in their own ways. Fielding too many offers is certainly more preferable than receiving none at all, but how does a seller decide which is best? Believe it or not, when it comes to selling your home, the "best" offer might be a little harder to recognize than it may seem. Here are five tips to help you decide on the best offer when selling your home.

Detail Your Goals Before Listing
Before you officially begin selling your home, it's wise to discuss potential offers with your REALTOR®. Offers come in varying shapes and sizes, making it difficult to determine which is "better." You can prepare for these tough decisions by discussing your ultimate goals. Are you looking for a quick close, or are you willing to wait? Would you prefer an all-cash offer, or will you accept any buyer as long as they have proof of pre-approval? As you discuss your goals, your REALTOR® will help you identify which offers will help you achieve them.
Understand Your Role
When you receive multiple offers, it can quickly feel like you've hit the jackpot. However, you must act professionally and responsibly as you work with these buyers. Remember, they might be looking at other houses, too. Bidding wars, counteroffers, and other negotiation tactics can turn buyers away quickly, ultimately leaving you with fewer offers.
Don't Be Blinded by the Highest Bidder
No matter how many offers you receive, the highest bid will always be tempting. Unfortunately, the highest bid isn't always the best bid on the playing field. Buyers without the financial strength needed to secure a mortgage loan or prove that they have the cash-on-hand for an all-cash offer are not ideal buyers. These types of sales can fall apart quickly and leave you back at square one.
Consider the Details of All Offers Equally
Not that you should not ignore the offer price when selling your home, but you should consider it one of many factors in the overall offer. Look into each offer in detail, highlighting elements such as the buyer's concessions and flexibility. Consider creating a list or spreadsheet that compares all aspects of each offer against the others. You may discover that the "lower" offer enables you to gain more in the long-run after completing the transaction.
Go With Your Gut
Selling your home is not a decision you should make lightly, but it is a decision that should involve your instinct. If a particular buyer doesn't seem legitimate, or if elements of their offer make you uncomfortable, don't be afraid to deny it. Your agent's goal involves selling your home in a way that benefits you the most. A worrisome sale that could have negative financial impacts on your life should be avoided at all costs. Talk to your REALTOR® throughout the process and use your intuition to guide you to the right offer.

Selling your home is an exciting feeling, especially when you receive multiple offers. Take these offers in stride, consult with your REALTOR® frequently, and be sure to consider all details when selling your home to ensure you choose the offer that helps you reach our real estate goals.

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Selling Your Home? How to Decide Which Is the Best Offer

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