Multiple Offers - San Diego Sellers Side Part 2 of 2
In Part 1, I basically discussed what to do when a seller receives multiple offers. Well now lets say all of those offers countered back the same purchase price. So now what should a seller consider? I recommend looking at these terms:
- Pre Approved or Pre Qualified Buyer - A pre approved buyer is stronger than a pre qualified buyer because a loan officer has seen the buyers assets, credit scores, tax returns, etc... Pre qualified buyer only verbally told a loan officer those items.
- Earnest Money Deposit - In my opinion, the deposit amount shows how much a buyer loves the home so higher the better.
- Financing Terms - If a buyer is Pre Approved, downpayment isn't that much of a deciding factor but knowing if the buyer is using a FHA, VA or Conventional loan is a factor because the home may not be FHA or VA approved. On the other hand, if the buyer is All Cash, that is plus over all loans.
- Close of Escrow - Some buyers can close escrow in 21 days and some need 45 days. Average is 30 days but most situations, a seller likes to close sooner than later.
- Contingencies - By default per the RPA, a buyer has 17 days to remove contingencies. Just like the close of escrow, if it can be removed earlier, that is better.
There are other terms you can look at like termite work, fees, etc. but above are the ones I like to focus. If you have any questions, please let me know.
Cell: 858-349-2390 | E-Fax: 619-209-7597
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CA DRE # 01397640
Selling San Diego Real Estate since 2003
Paul CaparasDRE # 01397640
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