When you sell your home, you want to sell it for as much money as possible. But if you’re fielding multiple offers on your home, price isn’t the only factor to consider when choosing which offer to move forward with.
So what else, exactly, should you consider when evaluating offers on your home?
A recent article from realtor.com outlined the factors other than money that sellers should take into consideration when evaluating an offer, including:
- Financing method. There are different ways buyers can finance their home purchase—and their planned method could make their offer more or less competitive. For example, if you want to sell your home quickly and with as little hassle as possible, you might prefer an all-cash offer over an offer that comes with a mortgage—even if the mortgage offer is slightly higher. Or, on the flip side, if you want to keep negotiations to a minimum, you may want to avoid all-cash offers, which generally give buyers more negotiating power.
- Contingencies. The more contingencies there are in your home sale, the more opportunities there are for things to go wrong—and for the buyer to walk away from the sale. If an offer has fewer contingencies, there’s a higher likelihood that the sale will go through (and go through quickly)—so if a buyer is willing to waive any contingencies, it’s definitely something to consider when evaluating an offer.
- Closing timelines. Chances are, you have an ideal moving timeline—so you’ll want to consider that timeline when evaluating offers. For example, if you don’t want to move for a few months, you’ll want to choose an offer that has a rent-back option—while if you’re eager to get out of your current home ASAP, you’ll want to choose an offer that will close quickly.
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