Choosing the Best Offer on Your Las Vegas Home
Placing your Las Vegas home on the market can be a daunting process, so when you receive multiple offers it can be very overwhelming. It’s important to carefully evaluate each offer you receive to determine which offer is the best offer for you and your goals. Here are a few tips to help you along the way.
The Highest Bidder Isn’t Always Your Buyer
When multiple offers come in at once it’s easy to want to pick the highest bid and move on to the next step. Stop and take a closer look. Were they only bidding high to win the battle? Could they end up backing out simply because they realize this isn’t really the home they want? How many times have they looked at the home? Have they introduced themselves to you and your agent? These are just a few of the questions to ask yourself when you begin to weigh the offers. Typically, the buyer that is right for the home has seen it multiple times, has made themselves known and likely have already been approved for a mortgage. They may be your best offer because they want the home more.
Use Lower Offers to Negotiate
A low offer isn’t necessarily a bad thing; they can work to your advantage when it comes to creating a counter offer. If possible, have your agent let your top two buyers know that you’ve received other offers. If your top choice for buyer wasn’t the highest bidder then try to leverage them this way to see if they will offer more.
Keep your Options Open
If your sale falls through and your home ends up back on the market it can look like there is something wrong with your property; you don’t want that to happen. You need to have a backup plan in place in case something happens with the sale. Have your agent speak with your second-best buyer and see if they will agree to being in a backup position in writing, so that you can slip them easily into the process if something happens with buyer number one. The biggest part of this plan is to maintain contact with the backup buyers to keep them in the loop, at least until buyer number one has removed or cleared all contingencies and you’re sure they won’t be backing out.
The important thing is to work with your real estate partner and know your market well. If you position your for-sale Las Vegas home correctly, multiple offers will happen – and that is good. Know what your terms and conditions are from the beginning of the process and know how you can use them to leverage better deals with different offers. In the end, the best offer is not necessarily the highest offer.