If you’re trying to figure out what to do when your Lynnfield home for sale is in the middle of a bidding war, congratulations. You find yourself in an incredibly desirable position where a positive outcome is likely despite what choice you make about what to do next. By reading this article, you’ll learn about how to lock in the best possible deal for your home so that you can walk away from closing with the largest profit.
Wait to accept a bid
Imagine this scenario. You receive two offers on your home. One buyer is willing to pay a price of $10,000 more than the amount that the other buyer is offering. At first, this seems like the obvious choice. However, once you begin to read about the conditions of this offer, you realize that this individual wants you to pay their share of the closing costs. They also want you to include a home sale contingency. This clause allows them to void the deal if they are unable to find a buyer for their current home before closing on their purchase of your home.
You move on to look at the offer with a lower sales price, and you realize that this buyer is willing to pay your share of the closing costs and waive the appraisal contingency. The buyer will do whatever necessary to push the deal through if the home doesn’t appraise, even if it means putting more money down at closing. While this offer comes with a lower sales price, it includes other components that make it a more favorable deal for you as the seller.
Each offer will have its own unique qualities and attributes. Your realtor will help you determine which offer is most advantageous for you to accept once all of the possible choices are received.
Consider the buyer’s financial strength
Learn about your home’s appraised value
Compare closing dates
The best closing date is the one that you prefer. It’s not always the same for each buyer. If you already have another place to go once you sell your home, a quicker closing date might be better. If you need time to finish packing or purchase a new home, you might prioritize a closing date further in the future. Typically closing will happen 30 to 45 days after you initially agree to a deal. Ask each buyer when they would like to close. If necessary, you can prioritize the buyer who will agree to a closing date that better fits your schedule.
Go with the cash offer
Many of the Lynnfield properties that Evelyn Rockas helps list end up selling as the result of a bidding war. This has to do with her unique ability to successfully market, stage, and show homes. Her vast knowledge of the area and the current state of the housing market also play a role in her ability to help each of her clients earn top dollar when they sell their homes. If you’re looking for a Lynnfield realtor who will help you engineer a fast and lucrative sale, contact Evelyn, and she will be happy to help you.