With the Space Coast and surrounding areas currently experiencing an unprecedented real estate market, many homeowners are asking themselves: Should I sell my Space Coast home? As the National
Multiple Offer Situation: What Sellers Need To Know
Dated: August 11 2021
Brevard County real estate is currently experiencing an unprecedented seller's market. With buyer's demand outweighing inventory and many homes selling over the asking price, it's a great time to think about selling your home on the Space Coast. Of course, with stiff competition between buyers, many sellers are finding themselves in multiple offer situations. On the surface, this sounds wonderful — multiple parties trying to secure your home is exciting — but it can also be stressful.
Put simply, the best offer isn't always the highest sales price. Accepting the best offer can be overwhelming, but an experienced and knowledgeable real estate agent can advise you and help you navigate the decision-making process to ensure you get the best result.
If you're thinking about selling your home in Brevard County, here are some things to consider if you find yourself with multiple offers on the table.
Compare Your Offers
When you're trying to decide between multiple offers, it's a good idea to create a summary of each one. You can do this on a spreadsheet or by simply writing down the most critical aspects of the offers side by side. Be sure to include the sales price, the type of financing, escrow amount, closing date, and any contingencies that buyers might include. Experienced listing agents can be invaluable when it comes to weighing up potential offers. If you aren't sure what the best offer is for your home, be sure to speak to your agent and let them know your priorities.
Making emotional decisions is never a good idea, especially when it comes to selling your home. In a multiple offer situation, it's essential to stay as neutral as possible and focus on your home sale goals. For example, do you need to sell your home quickly? In this instance, it makes sense to consider cash offers or those with faster closing dates. On the other hand, if you're more concerned about your bottom line, you might want to prioritize the highest offers or ones that offer a credit towards your closing costs.
With stiff competition between buyers, many homes in Brevard County are selling for over their asking price — this is especially true when it comes to properties in multiple offer situations. Although offering $30k over your asking price might seem like a dream come true, unless it's a cash offer with no appraisal contingency, you could find yourself back at the negotiating table before the deal is closed.
When considering financed offers that are significantly over the asking price, be sure to check other comparable sales in the area. If the offer is financed, the lender's appraisal must be satisfied to approve the buyer's loan. If your home appraises for less than the agreed sales price, the buyer has to be willing to bring cash to the table to bridge the gap. If that's not possible, you may have to negotiate a reduction in the sales price.
In any of these scenarios, a knowledgeable real estate agent can be worth their weight in gold. From advising on the initial offer to negotiating with the buyer's agent, it's always a good idea to consult your listing agent before accepting any offers on your home.
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