Having a bidding war on your house is a great compliment. That means multiple people are interested and want to move in so you can move onto your next dream home!
But deciding which offer to take can be a tough decision and you should have your REALTOR® help guide you through the process. It will make accepting an offer much easier.
Should I Accept The Offer?
Receiving an offer over asking price may sound nice, but they could have different terms you are not so happy with. Even if their offer is high but they want to close months from now, that may not work for you compared to the lower offer who is ready to close as soon as possible.
If both offers are good and you cannot decide which one to accept, counteroffer with a set price, closing date, and when you want to hear back from them by. Make sure the response time is clearly noted and once they have responded, try not to drag your response time on either. Buyers do not like being in a bidding war. They want to know if they can have the house of their dreams as soon as possible.
Just because the first offer may sound nice does not necessarily mean you should accept it either. Holding off or coming up with a counteroffer could result in a better asking price.
How Counteroffers Work
A counteroffer means you are somewhat accepting the terms the buyer has presented, but not quite all of them. You can change the price, date, and condition and terms when coming up with a counteroffer and they either reject them or agree! Once you have sent a counteroffer, but a better offer comes up, you can still take the better offer instead of waiting for a response from your counteroffer.
Why Sellers Like Cash Offers
When a cash offer comes in, sellers get excited because the offer is more likely to close. Cash offers are serious, but they are not always higher than other offers. They just come with an easier closing process although you will want to make sure the source of their cash is legitimate. They should be offering it in form of a bank check.
What Is A “Bully Offer”?
A bully offer could also be known as a pre-emptive offer. It means a buyer is giving a seller an offer before the seller’s date they have chosen to start looking at offers. They are wanting their offer to be seen first before any others are viewed or considered. With the help of your REALTOR® you will be able to decide whether or not to accept a bully offer, because oftentimes they are offering a great price with terms that suit both your needs.
It is best to discuss with your REALTOR® what the fairest offers are, but it is ultimately up to you, as the seller, to decide which offer to accept.