Should sellers always accept the highest and best offer when faced with a multiple offer situation?
Not necessarily. There are a few additional factors sellers should consider when choosing an offer.
It’s important for sellers to examine an offer as a whole. Terms and price are two significant points, but you should also discern whether a buyer is offering cash or using financing to purchase a home. And, if they are using financing, you should determine what kind of loan they’ll be applying to the sale.
The amount a buyer is offering for a down payment also matters, as does the concessions they’re asking for. A cash buyer may ask for more concessions, while a financed buyer may be more flexible. That said, the key to choosing the best offer from among several is to examine each as a whole.
Keeping every aspect of an offer in mind will position you to secure the best possible deal and stay protected throughout the transaction.
Beyond just earning a high price and getting good terms, it’s important to make sure you aren’t selecting an offer that is likely to fall through later on. Given all that goes into making the right decision, our team would be more than happy to help guide you through choosing the best offer when you list with us.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.