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What happens when you receive multiple offers on your property?  Should you accept the highest offer?

This is a great question and I recently faced the same dilemma myself.   Last week, my husband and I listed personal property for sale and the same day we had five offers!   All the offers were over the asking price and we were tempted to go with the highest price.   The offers ranged from $1,000 over asking price all the way to $25,000 over asking.  Sounds like an easy decision, right?  Not so fast.   After careful review it became apparent the highest offer was not the most favorable offer.

All the offers were contingent on the buyer obtaining financing.  Three of the offers had “pre-approval” letters and the other two had “pre-qualify” letters.  (Note:  pre-approval is further along in the process than “pre-qualify”).  One of the pre-approval offers was going to pay 50% cash and finance the rest.   When buyers are obtaining a loan that means an appraisal is going to be required by the lender.  The first question was what would the appraisal be?  Although we didn’t know for sure, we did know what the comparable sales were for the last 6 months as well as the current listings.  With this knowledge, we guessed the appraisal would come in a little under asking price.  Assuming that was the case, how much out of pocket were the buyers willing/able to come?  After speaking with the other agents, it was obvious only one seller could come out of pocket for the difference.  This was not the highest bidder but the 3rd highest. The highest bidder was only willing to come out of pocket an additional $10,000.  After quick math that took their actual offer below the bid we accepted.

If we would have jumped at the highest offer we could have seen the deal fall apart in escrow.   At that point the other buyers may have moved on to another property and we would have to start all over.    Worse, the deal could be held up in escrow.

In summary, a qualified agent and solid information can help you make an educated decision when reviewing multiple offers.    The highest offer is not always the most favorable.

For previous articles, visit www.sonjabush.com

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Sonja recently helped me purchase a condo. My experience with her was only positive. She's knowledgeable, thorough and friendly. She is the consummate professional and the standard to which I would hold any real estate agent. - Alexander R.

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Open House This Weekend! Come see this incredible property for yourself!

44 Wagon Wheel Drive
Sunday, October 2
4 PM - 6:30 PM

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Time isn’t always on your side, especially if you’re trying to time the real estate market.

Some homeowners postponed selling while they waited for prices to hit their peak. Here’s why you shouldn’t wait any longer:

💲The market is unpredictable — even experts can’t guarantee what it will do next!
☑️ You could pay more to buy your next home the longer you delay.
🤝 It’s still a great time to sell, but rising mortgage rates are beginning to slow down demand.

You can’t control the real estate market — but you can control when you put your home up for sale 🏡

Contact us to start a conversation about the right time to make your move.

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Thursday, September 29
9 AM - 11 AM

Stop by and tour 3 amazing Mammoth Lakes Properties tomorrow!!!

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Sonja was very knowledgeable and competent in selling our house in Mammoth. She is very personable and answered all of our numerous questions with courtesy, humor, and patience. Despite a greatly slowed real estate market, she sold our house in a reasonable time frame. - Stuart F.

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#nofilter Sunday evening neighborhood stroll. ❤️reflections, water, blue skies and fluffy clouds ☁️ #lovewherewelive ...

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If you have a light fixture you want to keep and take with you to your next home, take it down and replace it before you put your house on the market. You can also leave it up and "exclude" it from the sale within your listing, but it can cause issues if a buyer sees it and wants it. Avoid problems by removing it ahead of time.

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Properties Link Below:
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What does “Months of Supply” tell us about the market?

To break it down simply:

📊Balanced Market = 6 to 7 months of supply
There are a relatively even number of buyers and sellers.

📈Seller’s Market = Fewer than 6 months of supply
There are more buyers than homes for sale, thus sellers hold the upper hand.

📉 Buyer’s Market = More than 7 months of supply
There are more homes for sale than willing and able buyers, thus buyers have more negotiating power.

Have a question about current market trends? Reach out at any time! We’re here to help you decode the lingo and make the most of today’s market 👨‍💻

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SNEAK PEAK! This two-bedroom condo next door to Canyon Lodge will be listed for sale in the next 24 hours!

Check out an early video tour now on our YouTube!

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I love working with awesome realtors like Heidi Vetter! How thoughtful is this?!” @vetter_heidi ...

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