Real Estate Blog

If you're lucky enough to get multiple offers for your home, please do not make these mistakes, whether you are an agent or a seller.

#1 - Setting your deadline too far out

When you list your home on a Monday (which you shouldn't by the way), and you set the deadline for 10 days away guess what? Buyers are going to lose interest.

You need to set your deadline when you start to receive offers and a lot of interest in your property. If you wait too long, a buyer will come in and pressure you to take their offer. Our strategy is always list at the end of the week and set that deadline for Monday or Tuesday morning. Don't set that deadline so far away that buyers lose interest, or another home comes on the market.

#2 - Fail to realize they can still negotiate

Once you get offers in, you don't have to sign them as written. You can have those offers compete against each other.

If someone has better financing or terms, you can actually have either one match it and you don't have to accept any offer as written.

You can just continue to go on the market, or wait for a good offer above asking price.

#3 - Sellers follow their heart a little too much

They get that lovely letter from the buyer. They see their family. Honestly, this is also a business decision as much as it is an emotional decision. If you go with that offer because you fell in love with the family, and something falls through, you will be heartbroken. It's OK to ask agents to hold letters for themselves and ask not to see them. You can make that business decision without attachment.

#4 - They go with the highest price

Don't just choose on price. You have to look at the financing and terms. Read every part of the offer and don't just sign on the dotted line because of the price. There is a lot of mortgage lenders out there offering pre-approvals to shady credits.

The worst thing that can happen? Your home goes back on the market.

Now you've lost all of that momentum, and what every buyer is going to ask is: Why did it go back on the market?

If you come off the market at the wrong time, you might have missed your entire window. Don't just choose an offer based on price.

#5 - (Agents make this one more than sellers) Do the research on the mortgage lender!

Make sure its not some fly-by-night, online lender. Get as much information as you possibly can from the mortgage lender to make sure that buyer is qualified.

As always, reach out to Dan and the Spotlight Home Team if you are looking to buy or sell. Work with one of the leading real estate agent teams in Michigan!