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If you list your house for sale here in Las Vegas, you might receive multiple offers thanks to the low inventory of homes on the market. We currently have only about 1.5 months of inventory, which means we’re in a really good seller’s market.
So what do you do if your home receives multiple offers?
The first thing I recommend is going back to all the buyer’s agents who put offers on your house and asking them for their highest and best offer. Once you receive them, you can then compare them apples to apples with a few key considerations. That includes the earnest money deposit, the down payment, cash versus financing, and other terms in the offer.
Sometimes, the highest offer isn’t always necessarily the best offer.
During the height of the market in 2007 and 2008, we saw financing buyers submitting really high offers that didn’t appraise, forcing sellers to come back to the table and renegotiate. If you’re considering a financed offer, you also want to see whether the buyer has the buying strength to pay over the home’s appraised value and how much they’re putting down.
After examining a few key factors, you might even find that a lower offer with a higher down payment could actually be the best offer. Our team’s goal is to help you not only negotiate the best offer for you, but to also ensure the home closes escrow successfully.
If you’re thinking about buying or selling a home or you have any questions about real estate, give us a call or send us an email. We’re always happy to help!