The highest offer isn't always the best offer. Here's what to consider.
Price vs. Net Proceeds
Consider seller credits, repair requests, and other terms that affect what you actually receive.
Buyer Qualification
Strong Indicators
- Large down payment (20%+)
- Pre-approval from reputable local lender
- Proof of funds for down payment
- Stable employment
Concerns
- Minimum down payment
- Pre-qualification (not approval)
- Out-of-area lender unfamiliar with local market
Contingencies
Fewer Contingencies = Stronger Offer
- No inspection contingency (buyer accepts as-is)
- No appraisal contingency (buyer covers gap)
- No loan contingency (cash offer or highly qualified)
But Consider Risk
- Buyers waiving contingencies may back out later
- Verify they understand what they're giving up
Timeline
Your Needs
- When do you need to close?
- Do you need a rent-back period?
- Are you buying another home with tight timing?
Buyer Flexibility
- Can they accommodate your ideal timeline?
- Are they flexible on possession date?
Other Factors
- Escalation clauses (up to what amount?)
- As-is offers vs. repair expectations
- Personal letters (nice but shouldn't outweigh terms)
- Backup offers in case the first fails