Evaluating more than a single offer can be a confusing process for sellers. The tendency is to consider just the price, but that may not be in the best interest of a homeowner. There are a variety of different facets to an offer that sellers must consider to select which offer to accept. This blog contains information on evaluating multiple offers on Franklin TN homes for sale
Evaluating Multiple Offers On Franklin TN Homes For Sale
A pre-qualification is very different from a pre-approval, particularly when considering two offers. Pre-approvals are traditionally granted once a mortgage company checks credit scores for a buyer. There is no kind of verification for pre-qualifications. Pre-approved buyers are, therefore, more apt to get approved on a mortgage. Sellers will lose valuable time when a home buyer cannot get a loan and must therefore back out of the purchase. Because of this, sellers will not only want a pre-approved buyer but should also look at the details of pre-approval documents. The type of loan is critical since some programs have strict guidelines on the buyer and property, or generally take longer to underwrite.
It is standard for contingencies such as a mortgage commitment to appear in an offer. Home buyers might also have additional rare conditions, such as a home sale contingency. Offers with fewer contingencies have a better chance of closing and doing so on schedule. Certain contingencies are more dangerous than others and can be influenced by the activity in the market.
Deposits are expressions of good faith. It also covers a seller when the other person backing out from a deal for a reason not related to contingencies. Also, the dollar value of deposits can reflect financial strength. For the above reasons, higher deposits can make an offer more secure.
Going Beyond The Price
Avoid making sales price the primary analysis in reviewing more than one offer, specifically if closing fast is a concern. Problems may be expensive and thus can impact the amount of money a seller may receive from the transaction. Furthermore, a home that gets re-listed after a deal ends poorly will likely get sold for less due to loss of momentum. An experienced real estate professional will help you closely evaluate all the terms of contracts and accurately weigh them. This blog on evaluating multiple offers on Franklin TN homes for sale was shared by Jim Eaton at Benchmark Realty, LLC.
For more information, contact Jim Eaton at Benchmark Realty, LLC at Cell/Txt: (615) 519-5515 / Office: (615) 371-1544 or firstname.lastname@example.org.