Offers - It's not always about Price

When it Comes to Offers, it’s Not Always about Price.

When considering which of two or more competing offers to accept for your

home, there is no doubt price plays a huge role.
After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts
thousands of extra dollars in your pocket.

However, price isn’t the only thing you should think about when comparing multiple offers. There are other factors you need to consider as well.

For example, what conditions are in the offer? If Offer #1 is conditional upon the Buyer selling his current property, then what if that doesn’t happen?

You could end up with an offer that expires and be forced to start all over again.
In that circumstance, accepting the lower offer may be your best move.

There’s also financing to consider.

Most Buyers have discussed their mortgage qualifications with their lender and will likely

secure financing with little difficulty. If you get an offer where the ability of the Buyer to get financing is in doubt, that’s a red flag.

The closing date is another important factor. Offer #1 might propose a closing date that’s perfect for you, while Offer #2 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #2. There’s nothing wrong with that per

se, but the costs and additional hassle are factors you should consider.

As you can see, assessing competing offers isn’t as easy as it looks and it's not always about price.

Fortunately, we are here to help and will guide you toward making the decision that will best serve you.

 

If you would like to know what's happening in the housing market or would like an update on what your home is worth, call us anytime  519-495-1541.

 

 

Richard Thyssen, Broker of Record

Colleen Thyssen, Sales Representative

Direct: 519-495-1541

Email: richardthyssen@kw.com

www.thyssengroup.com