Tips On Comparing Multiple Offers On Boston MA Listings

Considering more than one offer may be a complex process for homeowners. The urge is to focus on solely price, but that might be a mistake. There are several different components to an offer that sellers should consider in order to determine which offer to accept. This article contains tips on comparing multiple offers on Boston MA listings

Tips On Comparing Multiple Offers On Boston MA Listings

Loan Pre-Approvals

A pre-qualification is not equivalent to a pre-approval, particularly when comparing different offers. Pre-approvals are typically issued once a lender checks the credit scores for a borrower. There is no kind of verification for pre-qualifications. Pre-approved people are, as a result, better positioned to obtain approval for a mortgage. A borrower who does get financing will back out of the purchase. The seller must then locate a new buyer for the listing. Because of this, sellers do not generally accept pre-qualifications.

Contingencies

It is typical for contingencies such as a mortgage commitment to appear in an offer. Buyers might also include additional rare conditions, such as a a condition for the sale of another property. Fewer contingencies mean a higher likelihood of closing. Some contingencies are more dangerous than others and can be effected by the activity in the market.

Escrow Money

Earnest money reflect the good faith of a home buyer. It also protects a seller from the other party backing out from a deal for an unexpected reason. Lastly, the dollar value of earnest money can reflect a buyer's stability. For these reasons, the amount of deposits should be carefully evaluated in multiple offer scenarios.

Sale Price is Relative

Home owners must not make price the primary factor in reviewing more than one offer, specifically if a fast closing is a goal. Delays can be costly and therefore may reduce the final figures. Furthermore, a home that gets re-listed after an offer does not close will likely sell for less since buyers get the impression that there is an issue with the property. An experienced real estate professional will help you closely review all the specifics of contracts and accurately weigh them. This blog with tips on comparing multiple offers on Boston MA listings was prepared by Scott Beard at Bean Group.

About Scott Beard

Finding the right Realtor can be the difference between a happy, stress-free home buying or selling experience, and an unhappy, stressful experience. That’s why choosing the right Agent to begin with is key. I have helped hundreds upon hundreds of clients during my career and sold over $55 million in properties and look forward to putting my experience to work for you.
Contact me at any time. I look forward to hearing from you.

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