We just listed a New Home for Sale in Como Park last week and had received two offers on the home. This is a seller’s dream come true. Being able to look at one offer seems to be a reach some times but two really gives you a chance to decide what is best for your situation. So as a seller, what do you need to keep in mind as a seller with multiple offers.
- Earnest Money – How much money is the buyer willing to put down in earnest money. This may be an important factor in determining “how much skin is in the game.” The more earnest money usually means the more confident they feel in getting financing for the home.
- Purchase Price – Purchase price is probably the biggest factor in comparing two offers. Make sure to look at an type of seller paid closing costs and/or concessions.
- Down Payment – The amount the buyer is willing to put down will more than likely determine the type of financing the buyer will be qualified to use.
- Type of Financing – The buyer may chose to use FHA, FVA, CASH or Conventional. Some mortgages have a little tougher guidelines depending on the type of financing.
- Closing Date – When does the buyer want to close? Does this mean the seller would have to make an additional mortgage payment?
- Arbitration – Does the buyer agree to arbitration or does the buyer decline. This can influence a seller’s decision as well.
Unfortunately, multiple offers are not too common in today’s real estate market but when they happen it is best to be prepared to negotiate and accept the best offer possible. Como Park still remains to be one of the hotest markets in the Twin Cities and we look forward to selling many more Como Park homes – multiple offer or not.