Princeton Town Topics – Let’s Talk Real Estate – August 6, 2008
A SELLER’S ADVANTAGE
In our area’s healthy real estate market, there aren’t enough homes for sale to accommodate all the buyers ready to purchase property. Sellers often are presented with multiple offers. How do you choose which offer to accept?
As a seller, you want your home to sell for top dollar, yet you must weigh both the price specified in the offer and the terms attached to that price. The price offered by the first bidder might be higher than other buyers are willing to pay, but the first buyer may also include a contingency that doesn’t work to your advantage.
For example, the first buyer may be asking that they purchase your home contingent on the sale of their current residence, while the second offer may be lower, but isn’t complicated with contingencies.
Sellers should look not only at price, but also at the buyer’s financing, terms and proposed move-in date. Multiple offers allow the seller to decide which terms are most compatible with his or her own needs.
