Congratulations, your home listed in Aventura, Florida has several offers to purchase. Sounds like a dream come true? Well, not necessarily.Let me explain.
How you select the best offer when you have multi offers? Do you,...
Start a bidding war, pitting one buyer against the other, after all, it is all about the money isn’t it? NO, wrong answer.
The most efficient way to deal with multiple offers on any property to engage in a serious conversation with your Aventura Realtor.
It is a simple process of elimination. I call it a review of the "three C’s".
Contingencies, Cash, Closing Dates
A contingency in a real estate contract is simply an exit card for a buyer.
Examples of these include:
- "If I do not close on my current home by this date, the contract is voided".
- Contingencies can also involve inspections. Good examples would include an exit clause stating if the roof needs to be repaired or replaced contract is voided, or if a swimming pool needs a new lining the buyer can walk.
- Financing and mortgage also fall into this category. " If we are unable to secure a loan at this interest rate... bye bye.... ugh.
Simply said, the fewer contingencies in a contract, the better. If you can, toss to the side any contract with multiple contingencies.
Now on to cash. The mortgage process is a lengthy and involved process. Based on today’s environment, mortgages can take up to two months to secure. A cash transaction is easier and faster. There are fewer hurdles to overcome. The time frame to close on your home for sale in Aventura is shortened considerably.
The adage cash is king is true.
Finally, the date in which the buyer can close on your home is important. Especially if you have a deadline to meet. This could include the purchase of another home, a work-related deadline ( say you must commence employment by a specified date, the start of a school year or homestead allowances. I talked about this here.
In summary, request the professional advice and input of your Aventura real estate agent on all multiple offers for the sale of your property. They will guide you.