Contrary to common belief, the highest offer when selling your home isn’t always the best. If you’re currently preparing to sell your home, you may find yourself overwhelmed with the number of offers that will soon be rolling in. Homes are selling faster than ever, and often for well over the asking price. While it is tempting to go ahead and accept the highest offer, it is important to try and remember that the highest offer isn’t always the best offer.
If the highest offer is lined with contingencies, even a contingency as simple as the buyer needing to sell their current home prior to closing escrow, the seller may choose to accept an offer that is free of contingencies, solely for peace of mind as well as providing less risk of losing a buyer after escrow has opened.
All Cash Offers
One of the most common reasons that a lower offer is accepted is because it is an all-cash offer. This nearly always ensures that the buyer is serious about the sale, and with no need to obtain financing through a lender, the sale can often move quite swiftly without hiccups or bumps during the selling and buying process.
Flexibility with the Timeline
While it is currently a seller’s market, often seller still needs to secure new housing or have to stick to a specific timeline before their new home is ready, and thus, a lesser offer that is willing to work with the seller’s desired timeline may be more desired than a higher offer that needs to close escrow by a specific date.
While letters don’t always do the trick, in some cases they may just be what closes the deal for less. Investors are purchasing homes like crazy and are often offering a pretty price tag, however, many sellers would rather sell their home to a family or individual who will use the house as a home, rather than sell to an investor. So even if it means selling for less, knowing the “who” behind the sale can often be just what is needed for the house to sell for less.
While there are many reasons as to why a seller may choose to accept an offer that is less than others, ultimately it is up to the seller and the seller alone who’s offer they choose to accept, whether it is the highest offer or not. As a seller it is important to discuss each offer in depth with your realtor to ensure that you fully understand it prior to acceptance.
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