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What You Need To Know About Choosing A Bid On Your Home

by Lynn Ganster, PA 10/08/2018

One of the toughest choices to make when selling a home can be choosing a bidder. Often because sellers don’t expect this to be a difficult decision! It seems like it would be straightforward. You might think you should accept the first offer or maybe you’re in the camp of accepting the highest bid. And while both of these choices are valid there are other factors to take into consideration. Factors that can make selling your home even easier and relatively hassle-free.

One of the biggest fears people have and one that really throws a wrench in the process is potential buyers backing out of a deal or asking for pricey repairs. And for this reason, I suggest looking closely at all of your bids to review the concessions and contingencies each contract contains as well as the type of financing each buyer will be utilizing.

For example, one thing to look for is earnest money. This is money in an escrow account either held by the real estate agent or the buyer and seller and shows the buyer’s commitment to their bid. It gives the buyer more time to sort out their financing but is also seen as a guard against the buyer walking away mid-agreement.

What is the stability of a buyer's financing? What institution is it coming from? Do a search online to learn more information about each buyer’s finance provider. A buyer may pay in cash, offering a larger down-payment or be pre-approved for a loan.

Sometimes buyers will also include a contingency in their contract to not begin payment until they have sold their own home. If this is something you are not comfortable with this bid might belong in your “No” pile despite a higher bid or down payment.

Are they asking you to cover any expenses? They may ask for the attorney review fee to be waived, inspection fees to be covered or costly repairs to be made before closing. Again, are you okay with covering these costs? Do the math to see if these requests bring down the value of the bid. Depending on how much of an investment they are asking for you to make this could create a less enticing bid.

Sometimes, choosing a bid is less about the numbers and more about convenience. If you are in the middle of shopping for a new home yourself, bidders who offer flexibility on the move in/out date could move to the top of your “Yes” list. Sometimes buyers want to keep furniture or appliances from a home, which could make moving a much lighter load.

If your head is spinning from all of these different factors to take into consideration when choosing a bid, that’s okay! This is why working with a real estate agent is so beneficial. Look to your agent for advice when weighing out the benefits of each bid and on making the final decision.

About the Author

Author
Lynn Ganster, PA

It all began when I was 18 years old and my soon to be husband and I were searching for our first home. I loved the idea that I could be part of someones life experience but I had a life to live before acting on that idea! I never knew much about the industry, but after seeing the process firsthand of a difficult transaction my husband and I were involved in and how important each part of the ordeal was for both my husband, myself, and the owner, I knew it was something that I wanted to be a part of. Of course, I didn’t pursue real estate until I was finally able to dive in back in 2004, but it’s been a passion for as long as I can remember.

I can sit here and tell you that I have strong negotiating skills, local market knowledge, and so forth – and of course, I do – but one thing I want to share with you, the thing that is the most important tool I can provide you in your home sale or purchase is my passion. I didn’t get into the industry to make money. I got into the industry because I fell in love with it. I fell in love with homes, the character each one had, and the beautiful people I got to help transition from one home to another. I fell in love with hearing people's stories, really getting to know their needs for their futures, and focusing on ensuring that they found a home that actually met those future goals.

Real estate can be a stressful thing, moving out of a home you’ve known for years can be hard, and it can be harder if you don’t have someone to partner with who doesn’t take the time to understand that. My business goes beyond the professionalism I can bring to the table, my years of knowledge about our local market and communities, and past the number of sales I’ve made thus far. Instead, it prioritizes you. How much can you afford? What motivates your move? What do you HAVE to have to make this big transition in your life?

You need a real estate agent who understands that, and seeks to know the answer to those questions, and all of the other important ones that make buying and selling a reality for you. Let’s grab coffee or lunch, on me, and we’ll talk about your real estate goals. I’ll get to know your needs, I’ll share the amazing experience I can provide, and we’ll make sure your next move is in the right direction. You need more than a computer to find your dream home, you need a professional partner who has your best interest at heart from the moment you call to even after we close. I’m doing more than just selling houses in Florida, I’m helping you bring your dream home to life.