The DMV is a seller’s market, and if you price your home very competitively, you’re likely to receive multiple offers from buyers on your home.
Warning: The highest bidder isn’t always your best choice when you’re selling your home. Sometimes the deal that looks the most impressive falls apart when it’s time to close — because of a low bank appraisal or a mortgage issue, for example.
Sometimes a buyer will include multiple contingencies that would allow them to back out of an offer in certain situations. You might find an offer for less money more attractive if there are fewer contingencies — fewer contingencies means a higher likelihood that the deal will go through. Likewise, a buyer offering a larger portion of cash for the purchase is more likely to see the deal through as there’s no chance of them getting turned down for a mortgage.
Review the entire contract with your real estate agent to seek their opinion on the offer. Your agent will help you weigh complex factors — how much cash is included in an offer, what contingencies are made, any extras that the buyer included in the offer to stand out, and more. Only then will you be able to weigh competing offers with a full understanding of the pros and cons.
Having a good real estate team on your side is crucial here to understanding all the potential consequences of accepting one offer over another. A real estate agent who’s knowledgeable about your area can also help you develop a winning negotiation strategy that will net you the most possible money along with other attractive conditions and extras.
If you or anyone you know needs help selling a home in the DMV, contact the Keri Shull and Orange Line Living Team today! We’re experts at helping you handle multiple offers to sell your home to the best buyer.
