The housing market is on the rebound, home prices are rising and we are now seeing two or more offers coming in at the same time. This is becoming a common occurrence. It’s a good problem to have if you’re a seller but before you dream of the piles of money you’ll be getting, there’s one more thing to think about: Now that you started that bidding war, how, exactly, do you choose the best offer? The DiMora Team are real estate experts in the Novi and Northville neighborhoods and you probably think the best strategy is to play offers against one another and take the highest price. Wrong! While money is a major consideration, real estate agents are counseling their clients to look at a variety of factors when entertaining multiple offers. For instance, try looking for the most appealing closing date and whether the bidders are willing to waive contingencies such as inspection, attorney review, and mortgage approval. And if one or more of the bidders asks for a contingency to keep the deal on hold until his or her property sells, that’s an easy buyer to eliminate from consideration. Check out below to see what sold in Briarwood in March 2016:
24604 Edgewood, Novi: 4 bedrooms, 4 bathrooms, 2,100 sq. feet, 2 car garage, Sold Price: $315,000
Its smart to negotiate in good faith and not sit on offers too long. You could tell someone who made an offer on a Saturday morning that you’re not going to respond until Monday. But be upfront about the fact that it’s because you have showings over the weekend. For more information on Briarwood, or similar Northville or Novi neighborhoods such as Country Club Village, Hickory Creek and Lairdhaven, contact The DiMora Team today at 248-505-7728 or firstname.lastname@example.org.