Seller’s markets come and go. If you’re selling your house in a seller’s market, then you might get multiple offers. Here’s how to review seller’s market offers…
What is a seller’s market?
A seller’s market is when there are more buyers and fewer properties. For sellers, it’s an exciting time to sell because you may be able to get a higher asking price. You might also get multiple offers on your house at once.
If you’re selling your house and you received multiple offers, you might be asking yourself, “now what do I do?” You need to know how to review offers to rank them and make a selection? Although multiple offers might be exciting to receive, it can also be overwhelming. Fortunately, there are 4 things you can do to help ease the burden and approach your multiple offers to your greatest advantage…
How To Review Seller’s Market Offers In Ocala
First, sort the offers into those who are ready to buy and those with contingencies. Some people put offers on houses contingent on them getting approved for a mortgage or contingent on them selling their house or contingent on an appraisal or inspection..
You don’t have discard the contingent group but it’s often easier and faster to work with someone who doesn’t buy based on a contingency.
Second, sort the remaining ones based on which is more important to you – either the speed of the sale or the price. (For some sellers, a faster sale is more important than a higher price). Of course both are important but usually one will be more important than the other.
- If speed is important to you, sort the offers by the ones who are closest to the timeline you want to move in. The speed issue is especially critical if the buyer is using bank financing. Most closings take at least 45 days to close if bank financing is involved. Plus the banks will require inspections and appraisals.
- If price is important to you, sort the offers by the ones that are highest to lowest in terms of price.
Third, if you have several that match your preference above then sort by the ones that don’t add any conditions. The more conditions a buyer adds, the more work it may be for you.
By the end, you’ll have a pile of offers – at the top will be the ones that offer the best speed or price (whatever is more important to you), the least conditions, and are ready to buy right away. And at the bottom are those who aren’t ready to buy because they have contingencies. If your top offers are all bank financed then sort again by conventional loans, FHA loans, VA loans and USDA loans. FHA and VA loans may require seller assistance or will not finance the house for more than the appraised value. These appraisals will stay with the property for six months. So going with a buyer with these loans does introduce some risk.
Once you’ve sorted your offers this way, start working through them from the top, making counter offers from a position of strength!
If this is overwhelming or if you don’t have as many offers as you’d like, or if you don’t have the offers that you want, there is another way to sell: you can sell directly to us at CPR Real Estate Solutions, LLC.