Coldwell Banker Platinum Partners
John Fee, Coldwell Banker Platinum PartnersPhone: (239) 776-0539
Email: [email protected]

Deciding Which Offer to Choose

by John Fee 05/13/2019

When selling your home you may receive many offers from different buyers, but the smart move isn’t always to pick the highest bidder. Selling a home goes beyond just picking the largest dollar amount; there are other factors to consider while selling your house and how they influence your decision:

Contingencies

Most home-sale offers come with certain contingencies before they can go through. These contingencies are certain conditions that must take place within a specific time-frame for the sale to be successful. You should pick the offer with the least number of contingencies and the shortest periods stipulated. Typical contingencies include a home inspection, approval for a mortgage and the home appraisal. When there is an inspection contingency, the buyer can withdraw his offer depending on how the inspection goes. Financial contingencies also allow the buyer to stop the purchase if they do not get a mortgage approved early enough.

All-cash offers

The best kind of offer is one that is offering cash up front. The offer may not be the highest, but it is guaranteed to go through because you don’t have to worry about a bank financing application that may or may not be approved.

Buyer pre-approval

Few people can afford to pay cash upfront for your home. The next best set of people are those who already have a pre-approval letter from their lender. This letter means that they can get a loan whenever they are ready. A buyer with a pre-approval implies that they already have everything necessary to get a credit and so the process following the offer will not be as difficult as it is for someone without a pre-approval.

Loan type

There are many kinds of mortgages, and if a mortgage from a bank backs your buyer's offer, then it is not going to be complicated. If the buyer is using an FHA loan or another government-backed credit facility, it could become involved with more processes and requirements.

Closing timelines

Everyone wants to close the process as quickly as possible and move along to other things. If the buyer wants to close immediately or under thirty days, then that is the perfect situation. You could also need some time especially if you are buying another house and would like it to be ready before moving in. Work with the offer that offers you the best timelines for your plans.

Price matters, but a lot of other things matter too when considering offers for your home. Discuss these with your real estate agent to help you decide which offer will work best for you.

About the Author
Author

John Fee

Specialties: Buyer's Agent,Listing Agent,Relocation,Probate

Get a positive and helpful partner for your next Lowcountry real estate transaction. John has been a Realtor since 2006 and covers Bluffton, Hilton Head, and Beaufort. His in-depth local knowledge and market research skills will give you confidence that you are in good hands whether you are considering a home purchase or the sale of your current home. You will receive strong support with the offer, in the negotiations, to the closing, and beyond. His many satisfied customers enjoy his cheerful and positive attitude and provide him with many referrals that are at the core of his growing business. Whether you need a luxury home consultant or a trusted advisor for your next investment,  John has the local experience, market knowledge, and attitude you are looking for. John is a Coast Guard licensed Yacht Captain and a 2 time US Olympic Athlete in the sport of Luge.

"Buying or Selling a home can be one of the most important transactions in your life, so it is important that you work with someone you trust and is a market expert with integrity. People trust me with their most valuable asset and it's a responsibility I take very seriously. I know that your success is my success."

Professional Affiliations
NAR National Assoc. of Realtors, South Carolina Realtors, Hilton Head Assoc. of Realtors, Beaufort County Assoc. of Realtors, FAR Florida Assoc. of Realtors, NABOR Naples Area Board of Realtors,

Community Activities
Former President, United States Luge Association, USA Olympian - 1976 and 1980, Licensed USCG 100 T Captain