Reviewing more than a single offer can be a difficult undertaking for sellers. The tendency is to focus on only offer price, but that may be a mistake. There are many different terms in an offer that sellers may consider to select the best offer. This article details information on evaluating multiple offers on Bennington real estate
Information On Evaluating Multiple Offers On Bennington Real Estate
A pre-qualification is not the same as a pre-approval, particularly when comparing multiple offers. A pre-approval is generally granted after a loan officer verifies credit scores for a buyer. A pre-qualification includes no such verification. Pre-approved borrowers are, therefore, more likely to receive approval for a loan. A borrower who cannot receive financing will back out of the deal. The seller must then locate another purchaser for the property. Because of this, sellers will not typically rely on pre-qualifications.
It is normal for contingencies such as a mortgage commitment to be included in an offer. Home buyers may also have additional special contingencies, such as a home sale contingency. Contracts with less contingencies have a better possibility of closing and doing so on time. Certain situations are more troublesome than others and might be effected by the condition of the market.
Earnest money is acts of good faith. It also protects a seller when the buyer backing out from a purchase for a reason unrelated to contingencies. Also, the dollar value of escrow money could indicate a buyer’s stability. For the above reasons, higher deposits may make an offer more secure.
Don’t Overlook Certain Factors
Avoid making sale price the primary analysis in evaluating multiple offers, particularly if closing on-time is a goal. Issues along the way may be costly and thus may impact the final figures. Additionally, a home that returns to the market after a deal ends poorly may get sold for less due to loss of momentum. A skilled real estate agent can help you closely evaluate all the specifics of offers and sufficiently weigh them. This article withinformation on evaluating multiple offers on Bennington real estate was prepared by Troy Richardson at Maple Leaf Realty.