Today we are going to be talking about the state of the multiple offer market. We seem to be seeing a lot of them this summer, especially in the under $350,000 market.
As a seller, when you’re evaluating multiple offers, the highest offer isn’t always the best. There are plenty of terms to consider as well, including earnest money, closing date, and inspection contingencies.
Some buyers are removing the inspection contingency altogether, which really sweetens the pot for the seller. It’s really not advisable for most buyers, but it is an option that will set you apart from others in a competitive situation.
We’re also seeing buyers write offers on properties that they haven’t seen in person. This has already happened three times this summer. There’s a sense of urgency for buyers to get into the property.
“You have to take all the terms into mind when evaluating multiple offers.”
An important thing to note is that the buyer can pull their offer at any time during the inspection contingency. You want to make sure the buyer has a valid interest in the property before you go ahead and accept their offer.
Once a buyer does go through the inspection process, they might pull back a little. In reality, they don’t need a reason to back out during the inspection contingency, but we’ve been seeing some crazy reasons for buyers backing out on inspections lately. One buyer didn’t want the ash tree that was on the property after they had already paid $1,000 in inspections. We are seeing some very interesting things happen in this market where buyers feel pressured to make offers right away.
When it comes down to it, you have to take all the terms into mind when evaluating multiple offers. If you’re looking to sell your home any time in the near future, please feel free to give us a call or send us an email. We look forward to hearing from you.