Factors to consider with multiple offers

It’s a hot market, and you’ve received several offers for your home. The highest bid wins, right? Sometimes, but not always. A high supply can come with many conditions and other complications. Consider these questions when making your decision:

What are the buyer’s conditions? Buyers can put all kinds of things in an offer. They can ask for an opt-out option, ask for repairs, see if you will leave the appliances, and make the offer conditional on the sale of their current home. Your real estate agent can help you decide what is reasonable.

How does the buyer pay? Without cash or a letter from a lender, your buyer might not be able to afford the price they are offering.

Your real estate agent can help you immensely by making sure that anyone who is bidding on your home is qualified.

Does their closing date match yours? If not, it leads to other questions: How flexible can you be? If your next home isn’t ready, are buyers ready to rent the home to you? If so, how much would they charge for the rent?

How much deposit is included? The deposit is an amount that a potential buyer will invest in the sale prior to closing to show that they are entering into this transaction in good faith. A high deposit amount usually indicates a serious buyer. If the transaction ends, the money counts for the down payment; if it does not close, the seller may, in certain circumstances, keep the deposit.

Be sure to speak to your real estate agent when reviewing offers for additional information on choosing the best deal.

The largest association of real estate agents in North Texas and the sixth largest real estate association in the United States, MetroTex provides programs and services to more than 24,000 professionals involved in all aspects of real estate.

For more information, visit the website at www.dfwrealestate.com.

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