How to evaluate lots of offers for your seller in this crazy market.
Today, we’re here to give you some tips on evaluating offers for your sellers. Congratulations on getting the house on the market! However, all of a sudden you’re getting a flood of showings. When this happens, how do you evaluate them and what do you look for? In today’s market, some homes are getting up to 50 offers. How do you possibly evaluate those with any sort of credibility for your seller?
We use a spreadsheet to compare all of them. We use this to pull apart all of the features of each offer. We look at factors like how long the determination option period is, who is paying for the survey, who is paying for the title policy, and everything that will affect the bottom line when they close.
“Effectively reviewing each offer will make a world of difference for your seller.”
As real estate agents, it’s our job to evaluate these offers carefully because the homeowners will just see a bunch of legal terminology. We’re the experts who need to be able to explain it all. The sellers are trusting you to know which offer is best, so use a spreadsheet to compare them all. This may not be necessary if you’re only looking at two or three offers, but it’s very helpful when you’re looking at more than 20.
In addition, you need to look at more than just the bottom line. A good agent will know how to protect their buyers and give them a way out if needed, so you need to be able to identify those potential problems to protect your seller. Make sure you don’t lead your seller into a trap. For example, in Texas, buyers can get out of a contract as soon as they get the seller’s disclosure. Therefore, you need to complete that ahead of time to protect your seller.
Overall, just make sure to take the time to evaluate each offer and get a good sense of each facet. This will make a world of difference for your seller. If you have any questions, don’t hesitate to reach out. You can call or email us anytime, and we would be happy to hear from you.
