Updated: Jan 7
After listing your house for sale, the offers will start to roll in. They should, at least, so long as you did everything you can to offer up a great listing.
There's nothing more exciting than receiving that first offer for your house. It's vindication that all your hard work has paid off.
But if you and your agent are expecting to get multiple offers, whether at the same time or spread out over a few weeks, how do you know which is the right offer to pick?
Picking the right offer for your house isn't always as straightforward as going with the highest price.
The price might be all that matters to you
Maybe you need the shortest escrow period possible
Or, perhaps you just want peace of mind that the deal will close, regardless of the length of escrow
Selecting the right offer is a bit more nuanced, depending on your situation and goals.
So, the first thing you need to do is determine your goals before selling the house.
Knowing your goals will help you pick the best offer.
Consider The Offer Price
The first thing most people consider is the offer price. And typically, the closer the offer price is to the asking price, the better.
But, if you have multiple offers to consider, it would be unwise to accept the offer with the highest price without looking at everything else first.
Many factors can reduce the amount of money you'd make behind the scenes, which we'll discuss below.
Consider The Contingencies
Purchase and sale agreements often come with a bunch of contingencies.
Buyers have the option to include:
Home sale contingency
They can even add their own contingencies in the special stipulations section of the agreement
Generally speaking, the fewer contingencies, the more likely the sale is to close.
But there's no way to know for sure. A couple with every contingency in their offer may be more likely to close vs. the guy with one contingency because it's their dream house, and the other guy just kind of likes it.
Here's what each contingency allows:
Inspection contingency: Buyers have the right to order a professional home inspection.