While every homeowner in San Diego would welcome the chance to receive multiple offers on their home or property, it still calls for better experience and knowledge. Did you know that in the year 2013, about 98% of the homeowners received multiple offers for their homes? About 39% of home sellers accepted the offer without any contingencies. 77% of the homeowners accepted the highest offer, while 14% of them were impressed by the speed of the offer made by the buyers. As a seller, it would be to your advantage if you are receiving multiple offers. However, you need to price your home correctly to kick start this process and it should be done only after studying the market trends carefully. Seek the help of an experienced realtor to look at the neighborhood market trends before you price your home. Your realtor can show you the home value report through which you can look at the market conditions and compare the trends of several other homes in the neighborhood. Always choose a realtor who has a wealth of home sales data.
Precautions to take while handling multiple offers in San Diego real estate
You will also be able to enjoy an upper hand with your buyers if there aren’t many homes for sale in your community. You will be able to pick the best offer from all the offers presented by different buyers. Some may offer to deliver in cash, some may offer above the asking price and a few others may put up weak offers or take up FHA loans. There will always be a better offer which the seller should be able to recognize. For that he needs to review all the offers received, and this would be easier if all the offers are received at the same time.
As soon as you receive multiple offers on your home in San Diego, make a counteroffer to ensure there is a better price. This is one method that can do away with unfairness and discrimination when you are selling your home. While having multiple offers may seem great in the beginning, there is one disadvantage to this. Not all of such transactions close, and the fall out rate in such cases is often as high as 50%. If the buyer doesn’t get approved for his loan, then the seller will have no choice, but choose an all-cash buyer.
As a San Diego seller, you must give each buyer considerable time to go over the property because this will hasten the deal and the transaction will close.