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How do I pick the best offer for selling my house?

I have three offers on the table. One is all cash but lower; one is over asking but has a financing contingency; and one has a massive down payment. How do I know which one is actually the safest bet to get to closing? My realtor says all cash is always the way to go because we know they have the money now but I feel like I want to get more and go with the over asking.
Asked By David S | Rochester, NY | 9 views | Selling | Updated 1 day ago
Answers (3)
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Novice
9 Answers
Katie K Portenga

Portenga Properties at Coldwell Banker Global Luxury

(71)

I would take the best price and strongest terms you currently have among the offers and use those as your benchmark. Then, I would counter the cash buyer using those same ideal terms and price.

If the cash buyer is unwilling to agree to those terms, you can then move to the next strongest buyer and counter them with the same price and terms that best serve your interests.

Having multiple offers gives you leverage. You’re not obligated to accept any offer exactly as written. Instead, you can negotiate by countering the strongest buyers with the combination of price and terms that works best for you.
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Novice
8 Answers
Phong Tran

Real Broker

(4)

It really comes down to what matters most to you as a seller, certainty or getting the highest price. All cash offers are safer, but over asking with financing could give more money if it closes. That massive down payment offer falls somewhere in between. Definitely run the numbers and consult your agent to weigh the risks and rewards before deciding.

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Novice
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Jim Swafford

Weichert Realtors The Space Place

(26)

Best offer is not always the highest but all cash is not always better than a traditional or even VA or FHA. The biggest hurdle is getting through the inspection periods. Simple with all cash is that in cases of inspection requests lowering purchase price is easiest but... on the same line of thinking, does the cash buyer have plans to lower the purchase when they get the inspection. If a home is financed then you can expect appraisal but that also gives you the opportunity in the case of inspection requests to negotiate any items based on the appraisal conditions. If nothing is listed on appraisal condition then maybe that request was only cosmetic or in many cases its something that can be negotiated with fixing or money at closing.

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