The highest offer is not always
the best offer! By Walter Huff
O
PHOTOS FROM 123RF
ne might think buyers with the highest bid are more likely to buy a home. Well, that is not the case. The seller considers other issues that might lead to one with a lower offer having an opportunity to own the house. Such issues include; 1. PAYMENT PLAN Cash buyers with less money are more likely to win the offer. Mortgage buyers indicate many processes that have to take place, such as looking for a lender, opening an escrow account, and many more that the seller might find timeconsuming. Although it may seem impossible to have all the needed cash, data show that 43% of homebuyers in 2014 were cash buyers.
2. PRE-APPROVAL LETTER Pre-approvals are generally acquired from banks and lenders. They show that a buyer can afford a house at a given range of money. A buyer with a pre-approval automatically turns into a virtual buyer. Thanks to the harrowing experiences associated with acquiring mortgages in the current days. Most sellers are not attracted to offers not accompanied by pre-approvals because the buyer is unsure whether he will obtain the loan. Consequently, the seller wants to sell off the property as quickly as possible and does not have time to wait until a buyer gets preapprovals. 3. TIMELINE FLEXIBILITY When making an offer, it should align with the seller’s interest. Even if a buyer has a lower offer, JULY 2022 | 47
