Milpitas Condo Sale Pending - Hot Sellers Market

There was a lot of interest in this Milpitas Condo for Sale.  The Seller received an undisclosed number of offers.  Sale is now pending after the Seller accepted the highest and best offer received. Details will be provided once the transaction closes.

What makes an offer the highest and best offer?

We look at the offer price which on the surface may be very appealing. We also look at  terms such as:

• Financing - loan amount and amount of down payment
• Current loan approval - does the buyers' lender have current financial documents on file?
• Proof of Funds - in addition to the funds required to make the purchase - how much cash reserves does the potential buyer have?
• Amount of deposit
• Number of days to close escrow
• Contingency time frames
• Is there an appraisal contingency or is the offer not contingent upon an appraisal?

Outside of the actual offer to purchase we also look at:

• How well the offer was written - was it complete (signed, dated, legible, etc.)
  
• How well the agent represented their client (measured by communications with the listing agent and how the offer package was submitted or presented)

In a hot sellers market many buyers find the bidding wars to be more than they can compete with. Buyers who have the money and are tired of being out-bid are writing offers over asking price and waiving the appraisal contingency.

Many agents feel "forced" to waive all contingencies.  This San Jose real estate agent does not require or recommend writing offers with no contingencies. In fact, I discuss this with a seller before taking the listing and recommend that we counter offers received with no contingencies. Ultimately, the Seller decides. 

The Sellers are very pleased with the offer they accepted. The buyers and their agent are also very pleased that their offer was accepted. Interest rates are low and after months and months of looking and being out-bid the Buyers will soon be moving into their new home in a perfect location that suits their needs and wants.

If you are considering selling your Milpitas or San Jose home now is a great time to sell.

Call Kathleen Daniels today for a free market valuation and consultation.

408-972-1822