How to Choose Which Bid to Accept?

One of the unique struggles when selling a house is deciding when to pull the trigger and accept a bid in the middle of a bidding war. Obviously, we all want to make as much as we can off selling our house. However, drawn-out bidding wars can make everyone pull out of the agreement. So, how do you know which bid to accept? Let’s look at a few factors before you make such a monumental decision.

 

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Cases You Will Need to Accept a Bid

There are three scenarios where you will accept a bid:

 

  • One That Checks All the Boxes of What You Want
  • One That’s Less Than What You Want
  • Multiple Bids

 

If it’s Option A, stop reading. Your buyer is offering you what you want (maybe more), and they’re the only bidder? Then accept. You’re done.

 

In the case of Option B, weigh the pros and cons. Have you had the house listed a while? Is no one biting? Are you in a rush? Are other properties in the neighborhood selling? After making a list of pros and cons, see if you can afford to hold out a little longer.

 

When you need to sell fast, then see if the potential buyers will waive fees like inspections, attorney reviews, and mortgage approvals. If they decline, then it’s time to think how desperate you are to sell at this very minute.

 

In the case of multiple bids, you will undoubtedly go with the top bidder. If they all bid the same amount, then see who is willing to waive off the most fees. When they all agree, then go to with the person who’s ideal closing date it more in jive with yours.

 

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Other Factors to Consider When Accepting a Bid

There will be a lot of cases where all the bids are really close and all the other factors mentioned above don’t influence your decision much (if at all). When that happens, get to know the bidder.

 

You want to sell with the least amount of hiccups possible. Does a potential buyer have a property they are still trying to sell? Disqualify them. They might pull a fast one down the road such as asking to wait for closing until they sell their property.

 

See how much earnest money the seller is willing to put down. This shows how serious they are. When people have money invested, they are less likely to become flaky toward closing.

Lastly, cash is king. If they will pay you cash for it, you will gladly accept. That way you don’t have to wait for loans. There is nothing that will potentially fall through. Cash is concrete and you just picked your winning bid.

 

By |2018-11-15T22:20:21+00:00November 15th, 2018|Uncategorized|0 Comments