How Do You Handle Multiple Offers as a Seller?

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We’ve been getting a lot of questions about how to handle multiple offers from a seller’s vantage point. Here are the four most common questions for sellers to consider:

1. Is the highest offer the best one? Not always. There are many other factors besides price to consider when selecting an offer. Does the buyer’s timeline work with your own? Do you want to keep your washer, dryer, and refrigerator? The first offer might usually be the best, but the first price isn’t necessarily the best price. You can negotiate the price to where you need it to be.

2. What should I consider when accepting an offer? Price, possession, and amenities are the three biggest things to pay attention to when selecting an offer. For example, maybe the buyer wants to take possession two weeks before you are scheduled to move. That might not be the best offer for you to accept.

"Cash is king 99% of the time."

3. Is a cash offer better than a mortgage offer? Cash is king 99% of the time. When you accept a cash offer, you are not required to do an appraisal on the property. With multiple offers, you may be able to drive the price above asking. However, if you accept a mortgage offer, you need to do an appraisal, and the home may not appraise. Ultimately, cash offers allow you to close on the property without worrying about some of the contingencies that come with a financed offer.

4. How can a qualified professional help me select the best offer? We will sit down with you and compare each offer in order to find the best one for you and your family.

If you have any questions, give us a call or send us an email. We would be happy to help you!

Should You Wait to Make an Offer in Indianapolis?

Selling in the Indianapolis area? Get a free home value report 

Purchasing in the Indianapolis area? Click here for full MLS access

We have a few questions to answer today, all relating back to managing multiple offer situations from a buyer’s standpoint.

Should you wait for other offers before making one? We advise against this, because you should submit your offer as soon as possible. Our marketplace is competitive due to low inventory. It’s easy for a home to sell quickly, even in under 24 hours. You should dodge multiple offer situations whenever you can. It can drive up the price quickly.

Additionally, ask for a limited time frame of acceptance. Ask your agent for a recommendation of an appropriate time frame. This urges the seller to accept or decline your offer in a specific amount of time.

If there’s already an offer, should I still make one? If you like the house enough, submit an offer. However, you need to use two strategies. First, write off highest and best number. If this offer is then rejected, you’ll already know you put your best foot forward already. Second, get pre-approved ahead of time. This shows the seller you’ve consulted a lender to make this major financial decision.

How can my offer stand out? Avoid contingencies at all costs. For instance, if you’re dedicated to a property, you might want to pick up some fees as the buyer. You can protect yourself while reducing contingencies for the seller.

As always, if you’re thinking about buying or selling a home in the surrounding Indianapolis area, reach out by phone or email. We’d be happy to answer any questions you might have and possibly turn one into a future video! Talk to you soon.

Is It Better to Buy Than Rent in Indianapolis?

Selling in the Indianapolis area? Get a free home value report  Purchasing in the Indianapolis area? Click here for full MLS access

Oftentimes, first-time home buyers and current rental tenants ask us whether they should consider buying or renting. There are a few reasons why buying is better than renting, especially in the surrounding Indianapolis region.

• Pride of homeownership: It’s the American dream and what everyone strives for. If you get approved for a loan, now is the best time to make the transition.
• Mortgage interest deductions: You can take your mortgage interest and deduct that from your taxes. If you’re renting, you’ll only receive the standard $1,500 deduction.

• Your credit score: Everybody knows how important credit scores are! It helps you buy anything you want. Owning a home and paying your mortgage on time can increase your credit score.
• Rising rents: The country faces increasing monthly rent payments everywhere. Instead of paying rent, you can be investing in your own property.

If you’re thinking about buying in the local marketplace, give us a call or send us an email! We’d be happy to work with you and answer any real estate questions you might have.