Whether you receive one offer on your home or several, it can be difficult to tell if the terms and suggested purchase prices are right for you.
In addition, sellers have a limited period of time to consider offers before they expire, making it even more stressful to choose the right buyer.
Fortunately, there are a few factors that can help sellers determine when a buyer’s offer meets their needs.
Three Things to Consider Before Accepting an Offer
While sellers may be tempted to accept the highest offer on their homes, there's much more to consider than the sale price.
An offer that's far higher than the rest may cause a seller to refuse other potential buyers—only to have the offer fall through. Ultimately, sellers have to evaluate which offer presents the best deal. This may not always be the one with the highest price.
Before deciding whether to accept or pass on an offer, sellers should carefully examine:
- Financing. With a cash offer, there's no need for a buyer to involve a lender, eliminating many of the approvals and deadlines imposed when there's a mortgage provider. Cash offers typically mean shorter wait times for closing and far less paperwork in the transaction.
- Timing. Timing affects every aspect of a real estate transaction, from listing to closing. A seller with a specific timeframe for moving—such as relocating to a new city for a job—may be more likely to accept a first offer; while someone who is selling the house for other reasons may wait for a higher bid. Even the amount of time the house is on the market can affect its value, with the highest offers likely in the first few months the house is listed.
- Details. If a buyer’s offer is slightly low but meets time constraints, sellers may make a counteroffer to the asking price, or negotiate for the buyer to pay for closing costs, inspections, or repairs.
In most cases, the best offer is the one that provides the most benefits to the seller’s unique situation. Our real estate attorneys have over 30 years of experience representing buyers and sellers in Florida, and can examine the details of your offers to help you choose the one that best suits your needs.
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