When to accept an offer in this market | Monday Minute December 21, 2020

During this time, we have experienced quite the sellers market. So much so, sellers aren't always sure when to stop showings and accept an offer.So, you have multiple offers, and you have a bunch of showings still happening and more scheduled. When it's it time to just accept an offer?Well, the best way to answer that is, what should I be looking for in an offer?First and foremost we are looking for the best price.Your goal is to net the most profit. Now in a market where we are seeing multiple offers and prices escalating, sometimes the prices offered won't actually appraise. So it's important to know what the market can support value wise. Because there is a point, where no matter how high someone offers, if it's contingent on an appraisal and financing, and they aren't paying cash, it's unlikely that you will make as much as they offered.Are they raising the sales price to build in closing help? If this is the case, and you know the value won't support that price, if they can't remove the closing help, you might be setting yourself up for disappointment.Second: Inspection contingenciesAre they looking to do a home inspection? Or is it as is? Or no inspections at all? If they have an inspection contingency, this is one area where the buyer could ask for repairs which will affect your net earnings. And it could potentially give them an opportunity to walk away if they aren't happy with the findings.Third: Timing.How quickly can they settle? Especially for my sellers that are no longer living in the home they are selling, this means getting your money faster.Fourth: AgentOne thing that can straight ruin a deal faster than anything, is a bad agent on the other side. Who you work with matters, and the other agent is meditating for the buyer. This can turn a happy transaction into a stressful transaction.Fifth: Wantedness.The stronger the offer is upfront the more likely that it's a buyer who wants to see the transaction through to settlement.And when you have multiple offers, the buyer who came in the strongest, often will do what it takes to win and they aren't looking for drama.