Multiple Offers On Your Home_ (44)


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Multiple Offers On Your Home_ (44)

  1. 1. Multiple Offers On Your Home?Multiple offers mean you priced your house right because more than one buyer is making an offer topurchase your San Fernando Valley real estate. Your San Fernando Valley Realtor will present theoffers to you and explain the price, terms and contract contingencies so you can decide which offer isthe best for your situation. If you are not represented by a Realtor, then you should consult with yourreal estate attorney.Factors to ConsiderEvery sellers motivation for selling is different so depending on your circumstances not every offer isnecessarily going to work for you. This is where the expertise of your Realtor is beneficial to you.Your Realtor can help you counter out any items that you do not agree with and add any items thatyou want to address in the contract. Factors to consider include the following:oPriceoIs the buyer paying cash or obtaining financing?oAmount of the earnest money down paymentoContract contingenciesoClosing dateoBuyers motivation. Is the buyer purchasing the home to live in or for an investment?Once you have considered all the above factors, then you have the following choices to make:oAccept the best offeroRespond by countering to all offers at once letting each buyer know that they are in a multiple offersituationoOnly respond to offers you likeoRespond to one offer at a timeoDo not respond to any of the offersAdvantages to SellerThe advantages of multiple offers to sellers are:Multiple offers create an atmosphere of competition between your buyers. As a result, you mayreceive a higher price for your home, and you have more choices.Why Multiple Offers Can Back Fire?One thing to keep in mind when you have multiple offers on your San Fernando Valley real estate isthat buyers do not like to get into bidding wars. Because it is a buyers market right now, most buyerswould rather find another property than over bid for your Sherman Oaks, Encino, Van Nuys or NorthHollywood real estate.Be careful about countering too high over your asking price, unless your asking price is way belowmarket value. Todays savvy buyers will not over pay for the home because they are educated aboutSan Fernando Valley home prices. Buyers recognize that there are other homes available that alsomeet their criteria in the Encino, Sherman Oaks, Van Nuys and North Hollywood areas.So avoid being greedy if you receive multiple offers because it could back fire on you, and you might
  2. 2. lose all your offers as a result of the buyers walking away. Also, you cannot expect to receive a pricesubstantially over market value if your buyer is obtaining financing because the house will notappraise, and the buyer will not be able to get a loan to purchase your home.In this market, the smartest strategy is to take the offer that is closest to your asking price and thehomes true market value with the best terms that work for all parties.Sherman oaks real estate