Q: How Do You Pick the Best Offer in a Bidding War?

Here’s what to consider besides price when judging multiple offers.

In this fast-paced market, where interest rates and inventory are at historic lows, any listing that is priced and marketed correctly is likely to generate multiple offers — often in a short period. For example, we recently listed a house in West Chester that generated nine offers in just 48 hours. 

As a potential seller, you may soon find yourself in this situation.  If you do, it’s paramount that your agent prioritizes your family’s goals and objectives first.  Professional guidance in a multi-offer situation is key to maximizing the return on your hard-earned investment. 

How do you choose the best offer, though? The key is to remember that the best offer may not have the highest price.  Before making your final decision, you and your agent should take other factors into consideration as well, including:

• What is your preferred settlement time frame? 
• Which buyer is best qualified financially?

• Are the contingencies manageable?
• How much is the earnest money deposit amount?
• Will the house appraise if the offer is over asking price?

If you are in the market to list your home, and looking for an experienced real estate team to help generate multiple offers, we are happy to guide you along the way and professionally navigate the best deal in this exciting time in your life.