How to Pick the Best Home Offer

Author: Denise Hill / Source: Wise Bread

You’ve decided to sell your home. You’ve done your due diligence in preparing to put it on the market. You’ve meticulously staged it and strategically scheduled open houses. You’ve given the listing agent the green light to list it. And amazingly, your very first showing generates multiple offers.

Sounds like a homeowner’s dream problem, right?

In today’s real estate climate, bidding wars are something more and more home sellers are having to navigate. While this is a great problem to have, multiple offers could muddy the waters and confuse the process of accepting an offer and closing the deal. Making the wrong choice could cost you time, stress, and thousands of dollars in lost profits.

Sifting through multiple competing offers that all seem similar can be a daunting process. However, with the right perspective and the ability to detect small differences in each offer, you can make the right decision and quickly close on your home. Here are four things that will help you sift through multiple offers and pick the best one. (See also: How to Sell Your Home in a Seller’s Market)

Understand the process

It’s important that you understand the homebuying process from a seller’s perspective. Sure, you’ve been through the process, but it was as a buyer and not a seller. Changing your perspective and understanding the potential roadblocks at each stage is crucial.

If you’re using an agent or broker to assist with the sale of your home, it’s still your responsibility to understand and actively participate in the process. While agents are great advisors and have a wealth of knowledge, the decision on which offer to select is ultimately yours. It’s also important to understand that the real estate agent is not an objective source of information. He or she benefits from your profit — which can work for or against you. Make sure to ask questions throughout the process. (See also: 6 Questions to Ask Before Selling Your House)

Prioritize your needs

Before listing your home, you should know what your priorities are for selling. While getting the most money may seem like it should be the ultimate end goal, the highest offer may not be the best offer. For example, if you’re looking to purchase another home once your current home is…

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