How to Pick the Best Offer When Selling Your House
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- Опубліковано 9 лют 2021
- I have sold and helped sell thousands of homes in my career. I am a broker and have sold hundreds of my own properties as well. Right now, the market is crazy and we often get multiple offers on the house we sell. How do we decide what offer to take?
A lot goes into how we evaluate offers, we do not simply take the highest price and hope for the best. We look at many different factors like:
-Price
-Time it takes to close
-Financing
-The loan type
-The people involved
-Communication
-Contingencies
The highest-priced offer is not always the best offer! Sometimes it makes sense to take a lower offer that has a better chance to close than a higher offer that is sketchy. If you have to put the house back on the market after an offer falls through we almost always sell for less money than if the first offer goes through.
Experience also helps a ton because we know that when we work with certain people there will be issues almost every time. This is good to remember if you are in the business as well because if you are one of those people always causing problems do not think that it does not go unnoticed.
Here are some more videos on similar subjects
How to win the highest and best situation: investfourmore.com/multiple-o...
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Mark Ferguson’s purpose is to help as many people as he can become financially free through real estate.
Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped close to 200 houses and routinely flips 15 to 25 houses a year. Mark owns 170,000 square feet of rentals and is the managing broker and owner of Blue Steel Real Estate. Mark has also written 9 books that you can find on Amazon amzn.to/2VGI6a9
Mark started InvestFourMore in March of 2013 to discuss his rental property investing techniques. Mark expanded InvestFourMore to talk about his flipping business and real estate agent business. InvestFourMore now has 300,000 views a month and is one of the top real estate blogs.
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Really love your content
Thanks!
Perfect timing on this video... I just listed a flip for sale today. Total of about 14 showings in the first day. 😎
Nice!!
Selling an Investment in CA, 1031, in order to consolidate in my current state of residence. Thanks for all the informations and real world experience!
Good luck!
Thank you
You're welcome
When we put in a offer on a multiple bidding situation we said we won’t ask for any repairs to be done, asked for a inspection though. We got the house even though it was not the highest offer. Wrote a nice letter too👍🏼
letters can be tricky as the Colorado State Board has instructed agents not to send or accept letters as it can cause discrimination.
I live in CA and it is common practice here
quick question/comment - you're so thorough in your cost spreadsheets as to what you spent on any particular property throughout the flip/etc process. This video is very interesting - but now that I think of it, I don't recall your listing line item for costs related to photography and staging, which you note have been a huge help to you in selling. Maybe I just missed it? Or it's wrapped into your Misc expenses (like mowing the grass...). Curious about the costs of these services that are acceptable to you. Okie, back to the video!
Yes I include them in the msc. It is about $1k
Thanks for the video. I have a request. Is it possible to set up a stationary camera filming the construction of your stone fireplace in the River House? I think it would be cool seeing a fireplace built from scratch.
Maybe! I am not sure when that is going to happen
Gaols!! 🤑
When buying a house, my realtor actually had to help the seller's realtor fill out their paperwork, because the seller's realtor was too inexperienced to know how to do it. This was decades ago, no idea if that is even legal now. I wish I had known what a red flag that was. We found so many issues with the house well after closing. Fortunately, we're pretty handy, but it was annoying.
That sucks and it happens too often!
Hi Mark, do non refundable deposit help with the acceptance of an offer and has there been a situation where you had to keep a refundable deposit?
It can help yes but it is rare we ever see that offered. Yes we have kept them in very rare circumstances
Kind of random unimportant question but do you have to make new utilities accounts for every house you buy lol ?
Yes but we are already on record with the companies so it is pretty simple
How does a buyer find out if their lender has a bad reputation or not? It’s not cool having your offer dismissed based on information that isn’t readily available. How do you know if you have a good lender or if you need to keep shopping?
That is a really good question! It helps to have a really good agent who can recommend a good lender. You can look at reviews on yelp or google or Facebook as well
If the house is move in ready it should be able to go FHA or any other federally back program.
Yes, but the lender may not have qualified the buyers well
@@investfourmore regardless the goal should be to pass the most strict inspections
U stage cheap properties too?
Yes
12:55 How to pick the best offer
First
Nice
Sounds pretty lending company discriminatory and could result in lawsuits against you.
Are lenders a protected class???? There is no law against not using companies or people who are not good at their jobs
@@investfourmore many buyers who use low income financing sources are from protected classes. Why supply information that could result in individual or class actions against you? Social media is a public domain.
@@kathleenmichelet6585 I never said we didn't accept certain financing types but in any event saying protected classes are more apt to use low income financing sounds discriminatory to me
@@investfourmore thank you for illustrating my point. I would suggest being upfront and listing the types of financing you do not accept in advance rather than using a case to case basis. The outcome may place you at higher risk of discriminating .
@@kathleenmichelet6585 are you in real estate? There is litterally a place in the contract and mls listing where you can say what type of financing you accept. The state of Colorado encourages and approves this. I am talking individual lenders who have proven to be incompetent. If you take your car into the mechanic and he messes up the repairs three times are you going to keep going to them?