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Home Sellers: Navigating Multiple Offers

It certainly is a seller’s market right now, and many homes are receiving multiple offers. How do you choose the one that’s best for you? The first thing you should do is to ask your agent for help. Realtors are familiar with all types of financing and will help you understand the ins and outs of various offers.

Write it Down

Get a few key aspects of each offer down on paper so you can make an informed decision. One way to do this is by creating a comparison chart that outlines the different loan products of each buyer, and their respective terms such as interest rates, down payment requirements, closing costs, and the buyer’s [debt-to-income ratio] if needed. Buy doing this you avoid potential last-minute buyer financing problems that can jeopardize the settlement.

The offer with the fewest contingencies, best price, and least amount of risk to the seller as a whole is the one that ends up being selected.

Cash Offer

When multiple offers are on the table, choosing a cash offer is often a no-brainer—as long as the price is right. Cash is king and comes with assurance that the money is there. Additionally, the home typically does not need to pass an appraisal.

Cash offers settle more quickly without a mortgage clogging the timeline, but it’s still critical to do your due diligence. Ask the buyer for a proof of funds letter to verify the buyer has the cash to close the sale.

Conventional Loan Offer

Conventional loans are also the most common—and preferred—loans as they offer straightforward financing. Most agents advocate accepting them when all other terms of a multiple-offer situation are the same.

With conventional financing, you want to look at how much the borrower is putting down on the home. 20% or more is ideal.

Look at the big picture

Evaluate the entire offer as a package and not just the specific aspect of the type of loan the buyer is offering. If you have two offers at the same asking price with the same down payment, you’ll want to see which buyer can offer you the most flexible terms. Things to consider include:

  • Buyer is pre-qualified

  • Waiving a home inspection

  • No contingency for resale of buyers’ current home

  • Rent-back option after closing

There is a lot to consider, such as price, timelines, inspections, and appraisals. Do you want a quick and easy transaction? Or is your goal to maximize profit? Or maybe you want to secure a reliable buyer.

With over 40 years of experience as a licensed realtor, Whit Harvey can help you navigate the home selling process. With his knowledge on both sides of the process, he can also help his buyers make their best offer when it comes to buying a home.


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