Considering more than a single offer can be a confusing undertaking for sellers. The inclination is to focus on only offer price, but that can be a mistake. There are a variety of different terms in an offer that sellers should consider in order to determine the best offer. This blog details tips on comparing multiple offers on Florida properties
Tips On Comparing Multiple Offers On Florida Properties
There is a major difference between a pre-qualification and a pre-approval, especially when evaluating two offers. A pre-approval is normally issued after a lender checks credit scores for a buyer. There is no level of verification for pre-qualifications. Pre-approved people are, therefore, more likely to get approved on a loan. Sellers will lose valuable time when a home buyer cannot get financing and must therefore cancel the transaction. Due to this risk, sellers do not typically accept pre-qualifications.
It is typical for contingencies such as an inspection to be included in an offer. Home buyers may also have other rare contingencies, such as a a contingency on the sale of another property. More conditions mean more uncertainty. Certain conditions are more dangerous than others and may rely on the status of the real estate market.
Deposits express the seriousness of a home buyer. It also protects a home owner when the other person backing out from a purchase for an unauthorized reason. Also, the dollar value of deposits could reflect financial strength. For these reasons, the dollar value of deposits must be carefully evaluated in multiple offer situations.
Considering More Than Strictly Price
Sellers must avoid making sale price the single analysis in comparing multiple offers, particularly for quick closings. Delays can be expensive and thus can lower the net earnings. Additionally, a home that gets re-listed after a deal terminates will likely get sold for less due to lapse of time. A knowledgeable real estate agent will help you carefully review all the specifics of offers and sufficiently compare them. This blog with tips on comparing multiple offers on Florida properties was prepared by Sonny Solomon at The Keyes Company.