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Sellers Beware: The Highest Offer Isn’t Always The Best Offer

Choose wisely when accepting offers while selling your house. Quality is better than quantity. You may receive some offers above the asking price in a seller's market. Don't just focus on the top dollar amount. There are a lot of other potential liabilities, so be sure to get appraisal gap insurance.

Once you have been offered a price on your home, ensure the buyer is well qualified. Have your selling agent contact the buyer's lender to know they are qualified for the offer amount. Also, look at the buyer’s lender letter, and make sure that the date is recent. If it is a month old, the buyer could be qualified at a lower interest rate than today's rate. Interest rates are moving up very quickly. In fact, it has risen over 2% just in the last few months, so make sure that the lender letter is no older than one week.

Your personal circumstances should dictate what defines the best offer. Is it the highest price offered? Is it a cash offer with a quick closing? Is it when the buyer has strong financing and cash reserves? Put all these considerations onto a scale and determine what you are comfortable with. It is an excellent conversation you need to have with your selling agent when offers come in.

If you have any further questions, don’t hesitate to reach out at or visit Chadwick is happy to answer any questions that you may have.


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