In certain areas of Los Angeles, if you marketed the house to the right buyers, went on at the right time, and priced it correctly... you might be looking at multiple offers.
Yes it's exciting, but it can also be pretty stressful because things Just got complicated.
How do you pick the best offer? Highest price? Anything else we should consider? Here are a few:
- The Terms of the Offer
- The Buyers Themselves
- The Buyer's Agent
- The Lender
What does the Buyer want in EXCHANGE for the price? Do they want a super long escrow? Do they want all your furniture? All sorts of things can come up.
Next, the Buyers Themselves.
Are they being sweet? pushy? What about weird? Some buyers are weird, and that can throw up a red flag. This is when you need to pay attention to your intuition and your "gut feelings".
What do we know about the Buyer's Agent?
Are THEY weird? Just as easy as Bad agents can kill a deal, the good ones can hold it together. With a little effort, we can find out if these people are "team players" or not.
Then there's the Lender.
You want them to be optimistic about the loan, but sometimes they'll tell you whatever you want to hear. In particular, watch out for the words "Slam Dunk". That means they barely got approved in the first place and it would be a miracle if this thing closes.
Like I said, Price is important, but now that we have options, our priority becomes choosing the BEST buyer. Why?
A high price means nothing if it never closes.