How to Handle Getting Multiple Offers on Your Home

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If you’re thinking about listing your home, you’ve probably heard that we’re in a seller’s market right now. As inventory dwindles and buyer interest intensifies, it’s not uncommon to see properties sell just hours after they’re listed, sometimes even tens of thousands above their original asking price.

This may seem like an ideal scenario, but navigating a multi-offer situation can be difficult for even the most seasoned sellers. And sometimes, selecting the right offer doesn’t always mean going with the highest bidder.

Your Guide to Choosing the Right Offer

As a seller, you’ll quickly find that not all offers are created equal. In addition to price, there are a few other factors you should consider, such as contingencies, financing, closing dates, and plenty of other extras that buyers can attach to an offer. 

Feeling a little overwhelmed? This advice can help you streamline, and get the most out of, your home sale.

Keep your agent in the loop

Talking with an agent

First and foremost, you’ll want to include your agent in every step of the negotiation process. They’ll be the main point of contact between you and a buyer’s agent, but they can also talk you through your options and help you decide which offer best suits your needs. Additionally, your agent can educate you on common contingencies, as well as other terms that are often added to an offer (more on that later!).

Compare contingencies and financing

Hand holding cash

Aside from price, you should look at the contingencies and financing options included within any offers you receive. Contingencies are conditions that must be met before a sale—common examples are home inspections, appraisals, and loan approval. As a seller, you want to see as few contingencies as possible, as they can make it harder to close the deal.

Additionally, it’s important to consider how a buyer will be paying for your home. Cash offers are usually considered the best, as you won’t have to deal with appraisals or lenders. There’s also no chance of losing the sale if the buyer’s loan application doesn’t get approved. If you’re looking to close fast, it may even be worth accepting a lower offer if it’s in cash.

Consider any extras

Signing a contract

In a hot market, some buyers will do anything to stand out against the competition. However, before you fall for any seemingly enticing offers, you’ll want to know which terms will actually benefit you as a seller. 

It’s almost always worth giving special consideration to pre-approved buyers, because they’ve taken an extra step to secure their financing ahead of time. Buyers who want to close quickly, pay any closing costs, or even set an escalation clause to outbid other offers may also be more serious candidates.

Remember your home’s value

Money house

If you end up receiving quite a few offers on your home, you might even find yourself in a bidding war. This can drive the price up quite substantially, but you should probably think twice before accepting the highest bid.

If a buyer is financing their purchase, your home will likely need to pass an appraisal before the sale. And if the price was inflated in a bidding war, a bank may not approve the buyer for the full amount of their loan, which could jeopardize the deal. Be sure to keep your home’s value in mind as you review offers with your agent. They can help you filter out any outlandish bids while still maximizing your profit.

Gearing Up to Sell Soon?

Selling a home doesn’t have to be a stressful process—at least not when you work with a top-rated local agent! Feel free to give us a call and let us know how we can help with any of your real estate needs. We have the resources and expertise to get your house sold quickly and for top dollar!

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A Pet Lover’s Guide to Buying a Home

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If you have dogs, cats, or other pets in your home, you probably consider them to be part of your family. And if you’re thinking about making a move soon, that means you’ll want to take their needs into consideration, too. Here’s our ultimate guide to finding the perfect place you and your furry friend will love!

The 4 Factors to Consider When Buying a Home with Pets

According to a recent survey by CNBC, 79% of pet owners who recently purchased a home said they would have passed up a seemingly perfect property if it didn’t fit their pets’ needs. So it’s no surprise that pet-friendly features—like large, fenced-in yards and proximity to parks—are now in high demand with today’s buyers.

Are you searching for a home with Fluffy or Fido in tow? If so, here are four factors you should consider before making a move.

Local Pet Laws

Dog in the grass

Believe it or not, every state, county, town, and even some neighborhoods have specific rules about pets, so you’ll need to read up on any local laws before committing to a home. You’ll often find regulations regarding pet types, breeds, vaccinations, and leash requirements.

If you choose to move to a condo or community with a homeowners association, pet restrictions may be a bit tighter. Some neighborhoods place limits on the number of pets allowed per residence, and they often have noise ordinances to curtail more boisterous animals. If you have any questions about what is and isn’t allowed, don’t be afraid to ask your agent or the HOA for more information.

The Neighborhood

Cat in the grass

Choosing a location is one of the most important parts of the home buying process, especially if you have a pet. Some neighborhoods are more pet-friendly than others and may even have special amenities for four-legged residents, so you’ll want to spend some time scoping out the area to see what’s around.

If you have a dog, consider moving to a community with plenty of sidewalks or a nearby park. You may also want to steer clear of busy streets, especially if your pet likes to sneak out on unchaperoned adventures. Don’t forget to track down the closest pet supply stores and veterinarians, too!

Outdoor Spaces

Puppy running in grass

For most pet owners, having a large, fenced-in yard is a must if your furry friend loves to spend time outside. However, you’ll want to be sure that your outdoor space offers more than just room to roam. Make note of any potential safety risks, like poisonous plants, water features, and holes in or under the fence. If the house next door also has animals, confirm that they won’t be a hazard to your pets.

If a home doesn’t already have a fence, you may need to factor that cost into your budget. Some neighborhoods have restrictions on fences (or don’t allow them at all), so do your research first!

Interior Features

Cats looking out the window

When it comes to finding a new place for you and your pets, the inside matters just as much as the outside. As you tour a potential home, start by taking a look at the floors—hardwoods usually fare better with pets, as they’re easier to clean and restain. You’ll also want to ensure that your new home has ample room for all of your pets, as well as their litter boxes, toys, and crates. Bonus points if a space has some pet-approved upgrades, like doggie doors or built-in feeding stations!

If you plan on staying in your next home for more than a few years, consider your pets’ changing needs as they age. Common features like stairs or a closed-in floorplan can become obstacles for older animals, but if your pet has specific needs, you may be able to make accommodations.

Making a Move with Your Pets?

Buying a home with pets doesn’t have to be hard if you work with the right agent! Contact our team today to learn more about making a move with Fluffy and Fido. We’d love to help you find a place that suits you and your companions’ needs!

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