The Prepared Seller - Evaluating Multiple Offers in NC

Evaluating more than a single offer may be a difficult process for sellers. The urge is to consider just the price, but that might be a mistake. There are many different facets to an offer that one should evaluate to select which offer to accept.  This article details advice on evaluating multiple offers on NC real estate.

Advice On Evaluating Multiple Offers on NC Real Estate

Mortgage Considerations

There is a major difference between a pre-qualification and a pre-approval, particularly when considering different offers. A pre-approval is generally prepared after a mortgage company verifies the credit scores for a borrower. There is no such credit check for pre-qualifications.

Pre-approved borrowers are, naturally, more apt to get approved for a loan. Sellers will waste valuable time when the other party is not able to obtain financing and must as a result cancel the transaction. Because of this, sellers do not only want a pre-approved home buyer but should further read the specifics of pre-approval letters. The financing program is another important factor because some programs have unusual guidelines on the buyer and home, or routinely take longer to complete.

Contingencies

It is standard for contingencies such as an inspection to appear in an offer. Frequently other contingencies are added by home buyers, such as a home sale condition. Less conditions result in a better chance of closing. Some conditions are more troublesome than others and can rely on the condition of the market

Earnest Money

Earnest money demonstrate the seriousness of a buyer. It also covers a home owner when the buyer backing out from a purchase for a reason not related to declared conditions. Also, the amount of deposits may reflect financial position. For these reasons, the dollar value of deposits must be closely considered in situations with multiple offers.

Don't Undervalue Other Factors

Avoid making sale price the primary consideration when evaluating multiple offers, specifically for short-term closings. Postponements may be expensive and thus can impact the net earnings.

Additionally, a listing that gets re-listed after a deal does not close may get sold for less due to loss of time. A knowledgeable real estate broker will help you closely review all the specifics of offers and properly weigh them. This blog with advice on evaluating multiple offers on NC real estate was prepared by Jake Allen at AllenWay Real Estate LLC.