Many asset managers are now asking agents to request that the buyer remove the appraisal contingencies in these offers or show that they have funds to bring in the difference in the event the home does not appraise.
There are many other factors that can cause a seller to choose a lower priced offer (terms, down payment, escrow period, etc.) but choosing the strongest buyer and avoiding lost time due to accepting offers with no intention of purchasing the home for the price actually offered is the primary reason in my opinion.
Regarding the sale price, the recorded sale price does not always reflect what the buyer "paid." For example, I recently sold a home where the buyer purchased the home for less than asking in exchange for the buyer paid the seller's total commissions obligation separately.
Keep pushing forward.
Realtor, DRE License #01742179
Is the offer contingent upon a home inspection? Maybe the accepted offer did depend on passing an inspection
(You could protect yourself by doing the inspection before you write the offer)
Is the offer contingent upon attorney approval? (You could have your attorney approve your offer prior to submitting it)
Is the closing date appealing to the Seller? You could indicate that your closing date is flexible.
What are the financial qualifications of the Buyer--maybe the other Buyers proved their qualifications beyond a shadow of a doubt.
These are common items of importance to a Seller.
Sandy Tower, Dickerson Nieman Realtors, Rockford, IL
If you have home equity usually can cause bidding wars, cash offers can be lower however could in some instances accepted over lender .
Work with agent determine all why's
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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The highest offer may not have the best terms. You would think that all else being equal cash would trump financing. Unfortunately, lack of complete transparency around transactions and the inherent conflict of dual agency may affect the outcome of an offer.
Richard Greenwood MBA, GRI,ePro,Realtor