How to Choose From Multiple Offers for Your Lakeland Fl Home For Sale
Since the fall of 2012 multiple offers have been very common in Lakeland FL and the surrounding cities, especially when homes are in great location, priced right and show well. On one of my recent sold properties, I had received nine offers in two days and one of the offers was thousands of dollars over listing price. It is every seller’s dream to receive multiple offers for their Lakeland Fl home for sale.
Recently, I wrote an article about how to evaluate and respond to an offer. The same rule applies when it comes to multiple offers.
Once offers start coming in, the natural response would be to accept the highest offer. But contrary to popular belief, this may not be not be the best option for the seller. Here are some tips on how to choose from multiple offers for your home for sale in Lakeland Fl and what other factors to consider:
1. In selecting an offer, don’t let greed rule you. A seller may be tempted to counter offers with a higher price, even if the offer price is already way above the list price of their Lakeland Fl home for sale. This is even more risky since buyers may think you are being unreasonable and withdraw their offer altogether. This may then put you in a position where you would have to sell your home or less.
2. More than the actual offer itself, you should scrutinize the proposed financing in the offers. The rule of thumb is, the more cash the buyer puts in down payment, the better. Borrowers who could give a downpayment of 20% or more have far greater chances of getting their loan approved.
3. Close of escrow is also an important factor. Sellers can benefit in accepting a lower offer if the buyer is able to close immediately. This is especially applicable to sellers who have already bought another home. It is riskier to have an offer based on the contingency of a buyer selling their old home than an offer from a buyer who doesn’t need to sell any property in order to buy yours Lakeland Fl home. Depending on the situation of the seller, it would be wiser to accept a lower offer that is not contingent on a sale of the buyer’s home.