Heart or Head? How to Choose Between Competing Offers
Most vendors jump for joy when they finally get an offer on their property, so when they get two, it’s surprising how confusing and difficult it is to select the “winner”.
It’s not as simple as picking the higher offer, as those buyers might be in a complicated chain, or they might not have their mortgage agreed in principle. The people with the lower offer might be cash buyers with no chain, so you’re more confident that the sale will go through with minimal fuss.
That’s the black-and-white scenario, which isn’t a dilemma. There are also lots of shades of grey when you’re choosing between two competing offers that can leave you in a quandary…
Choosing an offer on personality
Sometimes buyers remind you of you a few years ago. They have the lower offer, or they’re stuck in a chain, but you just want to give them and their young family a leg-up. As long as the offer won’t put you out of pocket, accept it and feel good about yourself!
Choosing an offer on amount
There’ll always be times that cold hard cash wins – the buyers are equal in buying power and life-stage, so you don’t feel guilty. Accept the higher offer and tell yourself that the “losing” buyers will thank you one day.
Choosing according to compatibility
Occasionally, it’s all about how the buyers will fit in in your old neighbourhood. If it’s an easy-going but tight-knit community and you feel the buyers won’t mix well and your old neighbours won’t thank you, then choose the other offer regardless of amount.
Choosing by gut feeling
Gut feeling means you instinctively like the buyers and aren’t too bothered about how high their offer is. You know that they’ll work with you to make the sale happen and you don’t mind waiting. It can be hard to define it, but usually, when the stakes are as high as they are with a house sale, your instincts are spot on.« Back to Latest News