For sellers, there’s no better feeling than having multiple buyers interested in purchasing their home. It’s a sign that all the hard work, from decluttering, completing renovations, and creating a marketing strategy with your agent, has finally paid off.
Now all that’s left is to sift through the offers you’ve received and choose the right one. But what are some of the most important things for you to consider? In this page, we offer a few tips on how to select the right buyer for your home.
Choose the offer that brings the highest profit
You want to sell your home for the highest price possible, so going with an all-cash buyer or whoever places the highest offer is easy. Sell your home at a low price, and you may end up paying a high amount at the closing stage to pay off your mortgage.
That said, taking offer prices at face value is still something you want to avoid. Find out exactly how much profit you’ll earn by taking the price buyers are willing to pay for and deducting the cost of mortgage interest, fees, taxes, closing costs you’ll need to pay, and the costs of any additional home improvements.
Choose a buyer with the fewest concessions
When choosing between several offers, price should not be the only factor. Look closely at the type of concessions requested by prospective buyers as well.
Fewer concessions make your job easier as a home seller. You want to avoid cutting into the profits you can earn from your home by committing a significant percentage towards the buyer’s closing costs or completing costly extra renovations requested.
Consider the timing
When your home is on the market, your main goal is to reach the closing stage as soon as possible. If you’re having some difficulty choosing between multiple offers, the buyer who’s more flexible in terms of timing may be your best option.
In most situations a buyer who’s willing to close in a few weeks is always a better choice than someone who might need several months before they can close the deal. There are also some buyers who need to sell their former home first before they buy a new one, which can be too unpredictable for your own timetable.
Look at the big picture
Picking the right offer can be a challenge. But sometimes, all you need to do is to take a step back and try to look at the big picture by choosing the most qualified buyer who has an offer that doesn’t fall too far behind your expectations.
Some offers also have personal letters attached to them, which can help you separate buyers who truly love your house and those who want to request additional renovations or major adjustments in the transaction.
If you’re looking for a new home in Bridgewater, NJ, check out our Home Buying Guide. Work with the top agents in the area today! Get in touch with Cindy Pagnotta and Pagnotta Homes by calling 908.436.7947 or send an email to info(at)pagnottahomes(dotted)com.