As a seller of a property, it must be confusing these days to be flooded with advertising from agents and investors like these, SELL YOUR PROPERTY IN ONE DAY, or SELL YOUR PROPERTY FAST.
Even Sellers who participate in such programs are often seen bragging to their neighbors, ” I sold my home in two days, and for top dollar.” Unbeknownst to them, they probably left money on the table, so it likely was not “top dollar.” Fast? Perhaps. But is that a good thing? Let’s look at it from a different perspective.
By the time you’ve made the gut-wrenching decision to sell your home, there are still many things to do. Prepare the home for sale, decide whether you’ll use an agent or not, plan and execute the replacement property purchase, and of course, plan the move. During that time, you will invest a great deal of time and energy getting all of this done…so most would agree that you’d want to realize the greatest result possible on the sale of your home.
You’ve spent weeks or months preparing the home, and now you’re going to have complete strangers walking through it, identifying every defect possible with the hopes of making a great deal on your property. It’s finally on the market. Your agent brings you a “full price” offer, and suggests that you jump on it. Not so fast.
*How do you know that “full price” is the best you can do?
*Of the buyer pool you expect would have some interest in your property, how many have had the opportunity to see it?
*Is it possible, since I received a “full price” offer in two days, that more offers may be coming?
*With multiple offers, my leverage increases as a seller in the negotiations…isn’t that what I really want?
*If I do accept this offer, what are the odds that the buyer will cancel the transaction, or not be able to close?
After all, I’m tying it up for three weeks with no vested commitment from the buyer.
As a general rule of thumb, don’t accept any offers until your property has had adequate exposure. Generally speaking, that’s going to be 10 days or more, but depending on your market conditions, it may be prudent to leave it out there longer. Communicate your intent to the buyer pool and agent community. Sure, that may cost you a buyer, but let’s face it…someone that anxious is not likely to deliver you the strongest offer anyway.