What could make a seller pick a buyer over others to sell his property? credit? bid? timing? Please, hep me understand. Thank you!

Asked by Abraham, Lynn, MA Mon Oct 15, 2012

This question was asked from http://www.trulia.com/property/3098271684-78-Cleveland-Ave-S…

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Kevin Vitali’s answer
Kevin Vitali, Agent, Tewksbury, MA
Tue Oct 16, 2012
There are several factors a seller will consider.

1- The purchase amount- Obviously every seller wants the most amount of money, but that is not always the only consideration.

2-The contingencies- Typical contingencies are home inspection and mortgage. Remember you may be competing with people who have removed one or both.

3- The timing- If you are insistent on closing on a certain date that may not work for the seller.

4- Financing terms- If you are a 3.5% down buyer and someone else has 20% to put down or even paying cash, that will be hard to compete with. I will have sellers choose cash offers that are lower than an FHA financed deal.

5-Earnest money deposit- Put your money where your mouth is, understand how that can impact a seller.

6- Terms- The more complicated you make a transaction the more difficult it is for a seller to understand the deal. I have had buyers argue about curtains and furniture. Your buying a house not personal belongings.

7- Your demeanor- Always negotiate in good faith and carefully parse your words. Sellers can get offended about how you handle yourself. I have certainly had sellers kick buyers to the curb who handle themselves like a bull in a china shop. If you are competing with other buyers you can shoot yourself in the foot.

At the end of the day the home sellers want the most amount of money they can get, but they also want a deal that can close with few hassles. Good Luck!!
2 votes
David Cutler, Agent, Peabody, MA
Mon Oct 15, 2012
BEST ANSWER
Hi Abraham, as Wen mentions the terms of a buyers offer are all considered carefully by a seller when choosing to accept an offer or not. In addition to price a buyer's offer can have contingencies such as a home inspection period, a financing contingency, a contingency to sell their own property first, etc. An offer with the least (or no) contingencies will be considered stronger than one with many or longer contingencies. Depending on the sellers situation the buyers flexibility around the closing date could also play a big factor. For a bank-owned property they may want a very quick closing if possible. If a seller wants to sell their home but is still looking for a new home to move into, they may prefer a buyer that can wait 60 or 90 days or even leave an open closing date until the seller finds their next home. If you can be flexible in your offer terms do so, if you are capable of putting down a large down-payment make sure your agent documents it in the offer and support it with a clearly written pre-approval letter and make sure the lender who wrote the pre-approval can be contacted in the case the seller or sellers agent wants to confirm with them. If you have any additional questions please feel free to ask!

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David Cutler
Clements Realty Group
Serving Lynn/Peabody/Danvers/Salem and surrounding areas!
http://www.BuyWithDavid.com
(978) 869-8042 direct
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1 vote
Sarah Goulart…, Agent, Plymouth, MA
Mon Oct 15, 2012
It could be any of those things or something entirely different. The most obvious is price, but this is normally followed closely by financing contingencies (cash buyer vs. FHA vs 20% down etc). Other contingencies, such as the home sale contingency also help a seller with multiple offers make their decision.

If you have recently lost out on a property, ask your agent to try to inquire as to why the other offer was accepted. The reasons really can be numerous so it is hard to speculate.
1 vote
Masha Sender…, Agent, Newton, MA
Mon Oct 15, 2012
There are many different factors and all depends on the situation. Some sellers go with a less risky offer (more $ down) vs. a higher bid. For some, timing is everything. Your best shot is to work with a qualified, reputable agent and Realtor who can help you navigate this process.
1 vote
Wen Farina, Agent, Reading, MA
Mon Oct 15, 2012
Hi Abraham,

selecting an offer will vary based on the sellers needs. Sometimes a higher offer is not the one selected but rather the one with better terms (e.g. closing timeline, downpayment...) the credit score is mainly for the lender so they can pre-approve and lend to a buyer. If you are in the market to buy talk to your agent and if you do not have one talk to a few and pick one, this costs you nothing, and he/she can guide you through on how to structure an offer. info@wenrealty.com
Web Reference:  http://www.wenrealty.com
1 vote
Heath Coker, Agent, Falmouth, MA
Sat Oct 27, 2012
Money.
Personal appeal - and money.
Connection to the neighborhood - and money.
Closing time - and money.
No inspections - and money.
Pretty much - money.


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0 votes
Locke Haman, Agent, Leominster, MA
Tue Oct 23, 2012
There are many factors that can make 2 seemingly similar offers appear very different to a seller..... If a quick closing is the sellers objective a cash offer can be more appealing than a financed one. Buyers often ask for the seller to pay closing costs out of their proceeds or may be willing to waive the home inspection continjency. There are many small differences in offers that can be important to a seller depending on their goals and needs.
0 votes
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