OK Mr. and Mrs. Seller, pop quiz:
You have 2 offers on your house, 1 for 100% of asking price, 1 for 94%
What do you do?? What do you do??
It is extremely important to look at all the facts of the contract when considering what offer to take. Most sellers are just so excited to hear what the price is, they forget about all the other terms of the contract. Perhaps the one with the higher price is also asking for a closing 2 months out- which could cost you thousands extra. Maybe they want you to pay all of their closing costs. One thing I have often seen is that they will be more adamant that the house be in perfect condition, and all inspection items are repaired. After all, they are paying full price. Not only that, but they have a house they still need to sell.
Maybe the buyers with the lower offer are actually offering the better deal. Their suggested closing date fits your timeline perfectly. They agree to take the house as-is. They don’t ask you to pay their closing costs. They already have their own house sold. While their purchase price may be lower, these added benefits may more than make up for it.
You never know where the best offer will come from, or what it will look like. It is important to take a close look at any offer that comes to you, and weigh the pros and cons.
P.S.: My apologies to the hit movie of 1994, Speed: Howard Payne: “Pop quiz, hotshot. There’s a bomb on a bus. Once the bus goes 50 miles an hour, the bomb is armed. If it drops below 50, it blows up. What do you do? What do you do?”