How To Pick The Best Offer For Your House!
Chances are, if you are thinking about selling your Tucson home, you might be getting more than one offer for your home. As Tucson’s real estate market heats up, it becomes more and more of a Seller’s market. This means that the potential exists for you to have more than one offer for your home at a time. Today’s post is meant to help walk you through this situation, and give you some advice on how to successfully negotiate, without losing both deals!
Keep in mind, the information I am going to give to you today is the result of over 23 years as a Realtor, Broker, and Investor here in Tucson. I say this because I have helped Tucsonans, Banks, and Corporations negotiate over 500 homes successfully here in Tucson, not to mention the homes I have purchased personally.
So let’s begin!
Evaluating Multiple Offers On House
One of the first things you want to understand when evaluating multiple offers on a house is that all offers are not created equal! Just because the potential purchaser offers you more than the competition doesn’t mean that they are a good buyer! In fact, you have to evaluate what you are trying to accomplish with the overall sale. For some people, a quick and easy sale is more desireable than a long drawn out listing. For others, the thought of buyers and inspectors, and appraisers looking at your home is just too much. For others, it is fine.
In short, when you are selling your home in Tucson, you have to remember that what a person promises on paper initially in their offer, can vary dramatically from what they actually close for.. if at all. A good rule of thumb is to use your logic. If it seems like someone is trying to outbid their competition by dramatically inflating the sales price, it may seem like a great offer. However, two weeks later, after an exhaustive home inspection, an appraiser must come through and approve of that higher price. If that price doesn’t appraise, you will have to come to some heart wrenching conclusions about your home’s value, or cancel the sale. This tactic is often used by some deliberately to get the Seller emotionally involved in the sale. Boxes might even be packed and in the garage.. when the appraisal comes in lower than expected, sometimes the Buyer is counting on the fact that the Seller will simply agree rather than go through the hassle of unboxing their things, and cancelling the sale.
Bidding War Basics For Sellers
When it comes to a bidding war over a house, there is lots of information available for home buyers. But when it comes to bidding bar basics for home sellers, the Internet is strangely quiet. For me, I always tell people to remember the basics.. Generally speaking, the first offer you get, is the best.
If you are fortunate to get another offer, then you now have a tactical question you have to ask yourself. Do you want to run the risk of a multiple counter offer to both parties, and have both of them potentially say no to you? Do you want to answer only one, and delay the other? It really depends on the situation that you find yourself in!
Say for example, if your home is just coming on the market on Friday, and you get an offer the next day on Saturday that isn’t quite full price.. Do you want to accept that offer on the spot or wait until Monday or Tuesday and see what the weekend brings? These questions and more typically come up when people are considering listing their property with a real estate agent. However, if you are selling your home without a Realtor, then you need to think these scenarios out prior to being in them! If you are trying to get the best offer for your home, get prepared!
How To Counter When Selling A House
The question of how to counter when selling a house varies on the situation. Many home sellers in Tucson have a misconception about pricing, and how to price their home. A common misconception is about the list price, to sale price ratio. What this simply means is that most people over estimate the amount of “wiggle room” they should leave themselves when pricing their property. Most times, people will only negotiate 2-3% off the asking price. This is a far cry from the wild $10,000-$20,000 swings that people expect.
With this fact in mind, Tucson homeowners who are facing a multiple counter offer situation and are trying to decide how to counter when selling their house have to decide if their sales price is legitimate. If more than one person is telling you that your home isn’t worth what you think it is, and they are only offering a certain amount, then that is most likely the case. Remember the old real estate adage “A home is only worth what a ready, willing, and able buyer is willing to pay for it, and what a ready, willing, and able home owner is willing to take for it.”
I’ve literally heard hundreds of clients, homeowners, and banks tell me over the years that their home was different, special, or somehow better than all the other homes in the area. To some degree, this is true of every home. However, some fundamentals stay true when negotiating. When negotiating the best offer for your home, remember the following.
a. Keep Countering until the other party stops, or accepts. Don’t let it die on your side!
b. Counter small. Find areas of agreement. Remember, every change you make to the contract must be agreed to by all parties.
c. Get it in writing. Don’t trust a flimsy 2 page contract. Get a state approved contract that protects your interests.
d. Have an attorney review your contract. A good contract attorney can save you hassle, time, and money.
Sell Your Tucson Home Fast
Do you have a Tucson home that you want to sell fast? If getting the best offer for your home is important, and a closing date is critical, then call me today! KarlBuysHouses is here to help you with your unwanted home in Tucson. I specialize in tough, problem properties, and can close in as little as 7 days if necessary.
No matter the situation, the condition, or the time frame… if you have an unwanted home in Tucson, and you want to ensure you are getting the best value for your home, then I encourage you to contact me today at (520) 403-6227!