What About Multiple Offers?

Anybody who is selling their Hoboken home would be elated to receive multiple offers to buy their home, especially if they meet the asking price. With multiple offers, even if they are the same, one could be better than the other.

Here are four tips to find out which offer is best:

1. Carefully review the offers with your real estate agent. Many times , one offer will seem to be the because it is the highest offer. Often the highest price isn’t always the best offer. Be open to all of the offers and consider the terms—down payment, closing costs, etc., as well as the price.

2. Double check the terms of financing. Read the buyers’ pre-approval letters from lenders and pay attention to the “subject to’s” that will tell you how secure the buyer’s financing is. A high price may be worthless if the buyer can’t get financing to close the deal.

3. Don’t be afraid to back down. Some real estate agents encourage sellers to put a higher value on an “in-house” offer. But that’s not always the best thing to do for the seller. Think about the price and terms of each offer and be aware of any preference to an in-house deal. There may be a break on the broker’s commission included in an offer for some in-house transactions.

4. Look at all counter-offers. Most counter-offers specify that no offer is accepted until it’s signed again by the seller. Because of this you can send out multiple counter-offers and see what else the buyers can do to make theirs the best. Multiple counter-offers can bring on offers of higher prices and other concessions from prospective buyers for your Hoboken home

For more great reasons to buy a Hoboken home in 2010, please click on The Best Time to Buy a Home is Now!

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event. With low mortgage rates now available, this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home. For more information, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

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