The real estate market is extremely competitive right now in the Nashville, Middle Tennessee area.
That seems like a good problem to have, right? It seems like it would be easy to sell a home with so many buyers wanting it.
The opposite is quite true.
With multiple offers, it takes more skill, knowledge and negotiation skills to sort through the offers, and determine which offer is the best for the seller to counter. A few things to look at first are:
1. The most qualified buyers of the potential ones. (Do the buyers have a house to sell? Do they have a long rental lease so that they can’t close quickly? Do they have a full pre-approval for a mortgage, with credit report pulled, and all documentation reviewed?).
2. The most attainable loan product if getting a mortgage. (How much down payment do the buyers have? Generally, the higher down payment the buyers have, the easier it is to get a mortgage. What type mortgage is the buyer getting? The type can make a difference in ease of getting to the closing table.).
3. The highest dollar net amount to seller. (Do you have a preliminary HUD-1 statement, or net sheet, to show the seller’s approximate net after closing? Sometimes the dollar amount of the offer is not the most net amount after closing. Other expenses, such as buyer requested seller paid closing costs, need to be calculated in).
4. The one most likely to have a timely closing. Is the buyer’s real estate agent a full time agent so that they can work with the buyer full time to get them through the inspection, the appraisal, the loan process, and all the other details of closing and moving in? Communication and a hands-on professional will help keep the transaction on track.
When working multiple offers, it is extremely important to counter the offer which has the best chance of closing, and closing on time. We, as full time Realtors, know the questions to ask, and don’t mind digging for information. If the contract somehow falls through (and nothing is certain in this life), then the seller has to start over with a new offer, and their move will probably be delayed and they will lose money, by still having to pay house payments, taxes, HOA fees, utilities, insurance, etc. We don’t want that to happen!
Sarah and John Rummage are hands-on Realtors, working full time. You will be getting ‘two for the price of one’ when you hire us to buy or sell property! With over 30 years of combined experience, we have the skills and experience to help you get the most money for your property in the shortest amount of time. We would love to talk to you, or hear from you by email! Direct: 615-516-5233.