You put your home on the market and are faced with multiple competing offers to purchase your property. The smart move is to pick the highest offer, right?
Not always. Sellers may choose to accept one of the offers, counter back one of the offers, reject all of the offers or ask to have some or all of the offers re-submitted. Deciding on the right offer is more complex than saying yes to the highest bidder. You have to hedge against various risks, like a buyer with shaky financing. There are many considerations when dealing with which offer is best for you. Review the contingencies, think about the ideal dates, if it’s a cash offer, and know who is buying your property. It is always in your best interest to take a back up offer in case the first offer collapses.
Decide what is best for you based on your personal situation and needs. Your agent can determine whether the offer at hand satisfies those goals.
Kim Lee PREC*
Oakwyn Realty Downtown Ltd.