In today’s marketplace, if you plan to sell a Downtown San Diego Condo…it is important to be well informed on how to handle a “Multiple offer situation”. More and more with the low inventory of Downtown San Diego condos, “multiple offer” scenarios are becoming much more common. A multiple offer situation is a sellers dream. It means that, as a seller, you have a pick on which great offer to accept. On top of that…usually the price is higher, as qualified buyers bid on your Downtown San Diego Condo. The California Association of Realtors published some information regarding multiple offers and how sellers responded. In 2013, the CAR reports that 98% of home sellers received more than one offer on their property.
- 77% of Sellers took the Highest Offer: Of course this would be the case! This is the goal of every seller, and the most valuable result of multiple offers.
- 47% of Sellers took the Best Qualified Offer: A high priced offer means nothing when the buyer cannot close the deal. Sellers are smart to focus on qualification to ensure that a closing will be the result. With all the complexes in litigation currently, a seller of a Downtown San Diego condo needs to be extra cautious of this category. You need to not only know that the buyer is well qualified, but that the lender will be able to perform as well.
- 39% Took an offer without contingencies: In multiple offer scenarios, sometimes a buyer can make their case stronger by removing the contingencies in advance. This means that the Earnest Money Deposit is “non-refundable”. Since no buyer wants to loose deposit money…it makes the offer very secure when all contingencies are removed.
- 23% Took an All Cash Offer: All cash offers are a great choice for a seller. There is no appraisal or loan contingency that can complicate or slow down the deal. As a result…”All Cash” offers have a high closing success rate.
- 14% Of sellers took an offer because of a Quick Close: When timing is of the highest priority (sellers who are moving or trying to purchase a replacement property), sellers will always favor the quickest close. It is rare for a seller to not be on some sort of timeline.