Selling your home in today’s market in New York may mean multiple offers in a short period of time. While this is the outcome you may have wanted, you now face the challenge of determining which offer to accept.
Selecting the most advantageous offer can optimize your benefit without compromising your resources. Knowing how to identify the best offer can give you the confidence to make the right decision.
Know your priorities
You can lose out on a really good deal when you sell your home without knowing what you want. Prior to putting your home on the market, identify your priorities. What is the lowest price you will settle for? Do you have specific financial requirements you want buyers to meet? Which contingencies are you willing to compromise? What is your timeline for moving out?
Answering questions like those aforementioned can help you narrow down incoming offers to those that fit your criteria. Working with an attorney may also broaden your options because a legal professional can help you negotiate to align offers with your expectations.
Know a good offer
There are a number of ways that you can tell a good offer from a mediocre one. According to Zillow, consider offers where the buyers have pre-approval for a home mortgage loan. Other offers to strongly pursue may include the following:
- Verified, all-cash offering
- Sizeable down payment
You will need to compare and contrast different offers, especially if a bidding war begins. Remember that time is of the essence, but that you also have the chance to thoroughly assess each offer to find the one that will give you the greatest benefit.