Seattle’s Super Savvy Seller’s Market
Seattle continues to be a hot Seller’s Market with some listings resulting in multiple offers.
Many sellers think that the highest offer is always the one they should take. Well, the highest offer doesn’t always mean that it’s the best offer.
In this video, we discuss why this is the case and we go over just one of the things that the BrennerHill Team does for our Sellers, in order to get them the best deal possible.
To learn more and become a Super Savvy Seller, visit our Seller’s Toolkit Page. You will find downloadable guides & checklists, informational videos, and more!
𝐴𝑛𝑑 𝑎𝑠 𝑎𝑙𝑤𝑎𝑦𝑠, 𝑖𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑎𝑛𝑦 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠, 𝑓𝑒𝑒𝑙 𝑓𝑟𝑒𝑒 𝑡𝑜 𝑐𝑎𝑙𝑙/𝑡𝑒𝑥𝑡 𝑢𝑠 𝑎𝑛𝑦 𝑡𝑖𝑚𝑒! 𝑊𝑒’𝑟𝑒 𝑎𝑙𝑤𝑎𝑦𝑠 ℎ𝑒𝑟𝑒 𝑡𝑜 ℎ𝑒𝑙𝑝!
Steve 📲 (c) 206-769-9577 📧firstname.lastname@example.org
Sandra 📲 (c) 206-271-7100 📧email@example.com
So, it’s an insanely super hot seller’s market, in the greater Seattle area. It’s so crazy right now, if you’re selling your home. We’re seeing many sellers get multiple offers on their home. So, it can be super confusing and exciting, all at the same time. And I totally get it. Just this week we had a home go pending, and we had seven offers on it.
So, how do you know which offer to choose? Is the highest offer, always the best offer? Well, if you’re wondering, or possibly considering selling your home you’ll definitely wanna hear this. Many sellers think that the highest offer is always the one that they should take. Well, the highest offer doesn’t always mean that it’s the best offer to take. And let me explain why. If there’s a loan involved and a buyer offers you an insanely high price for your home, we need to make sure that the home will actually appraise for the contracted price. Why does this matter? Well, because the bank will only loan based upon the appraised value.
So, let me break that down into layman’s terms. If the buyer offers 850,000 for the home, and the appraised value comes in at 825,000, the bank will only loan on the $825,000 price. So, there’s a difference of $25,000. Which means that the buyer would have to come in with that difference. Keep in mind, the buyer still has to come in with their closing costs, their down payment, and keep enough money in the bank for reserves. Along with coming up with that additional $25,000 to cover the difference in the appraised value.
So, how does this pertain to a seller, and what do they need to do to protect themselves? Here’s one of the things that we do here at the Brenner Hill Team. One of the best options for a seller is to counter, removing the buyers appraisal contingency. Meaning that the buyer will have to pay the difference between the appraised value, and the purchase price. When doing this, make sure, number one, that the buyer has the ability to pay the difference. Number two, they will still have enough money to qualify for all the fees associated with the purchase. And three, that they actually really understand what this means.
There are a lot more issues to be concerned with when this happens, and I’d be here all day explaining it. And I know I just said a lot of mumbo jumbo, and you shouldn’t have to worry about this stuff. And trust me, there is a lot more. So, to find out when you’re selling, how to make sure you end up with the amount of money that you and the buyers mutually agreed upon. Call us here at the Brenner Hill Team, and we’ll do all the negotiating for you, and make sure it’s a clean, easy and stress free for you.
We are Steve and Sandra. Elevated Service. Elevated Results.