There’s no doubt that 2022 is a hot seller’s market. There are too many buyers and too few homes on the market in Seminole Florida. It’s no wonder that home sellers in Seminole receive multiple offers for their properties as soon as they list.
When you receive multiple offers, you might be tempted to choose the highest bidder and call it a day! While selecting the highest bid may seem like a no-brainer, it’s not wise to accept the highest bid with no questions asked. Here’s how you can choose the best buyer when you get multiple offers:
1) Is the Buyer Pre-approved?
Remember that not all offers go through. You don’t want to take your house off the market only to have the deal fall through because the buyer couldn’t get a mortgage. If you get an offer from a pre-approved buyer, you won’t have to worry about this scenario, as the buyer will already be approved for financing.
If none of your potential buyers are pre-approved, you should sell to cash home buyers in Seminole. There are so many cash home buyers in the Seminole area. Cash buyers have the funds necessary to pay for your home quickly; you won’t have to wait for mortgage lender approval. They simplify the home selling process, helping you close a deal quickly and without hassles.
2) Is Your Buyer Waiting to Sell Their Home?
For many buyers, the ability to purchase a new home depends upon the sale of their own home. If any of your potential buyers are waiting to sell their own home, you should make a note of who these buyers are. In the worst case, if a buyer’s home sale falls through, they won’t be able to buy your home.
3) How Big Is the Down Payment?
An offer is just a handshake and a gentleman’s agreement; it may or may not materialize. On the other hand, a request that’s accompanied by a big wad of cash—that’s pretty convincing. The higher the down payment a potential buyer offers, the more serious and committed they are about purchasing the property. Look for offers that include a down payment ranging from 20% to 50%. The higher the amount, the more likely it is the sale will go through.
4) Who Pays the Closing Costs?
When closing a sale, both buyers and sellers have to pay certain costs. It’s not uncommon for buyers to ask sellers to cover a part or all of the closing costs. Generally, closing costs range from 2% to 5% of the purchase price. So, you should iron out the closing cost details before you accept an offer. If you don’t want to pay the closing costs, you can always go with cash buyers who’ll take care of these.
5) What’s the Closing Date?
If you have a particular date in mind, discuss this with potential buyers before accepting an offer. For example, if you’re taking a job in another state, or you’re looking to relocate for your kids’ summer vacation programs, the closing date may be just as important as the final price. And keep in mind that some buyers prefer to move in immediately, while others give you the flexibility to move out on your own time.
Sounds complicated? No worries!
If you’re looking to sell a house fast in Seminole, reach out to SEP Home Buyers. With years of experience buying and selling homes in Seminole, we can evaluate your home and present a competitive cash offer. If our offer appeals to you, you can accept it and sell your home without ever hiring a realtor.