Myth: The Highest Price is always the Best Offer!!! PART 2
Myth: The Highest Price is always the Best Offer!!!
The highest price is always the best offer. That's today's Myth. Is that Myth true? Welcome to another episode of Myth Vs the Truth.
There are many aspects to a transaction. Now, the price being high, yes, it's good. However, you need to look at the buyer's qualification. You need to make sure that the buyer gives a good deposit. We need to make sure that they're strong enough to complete the transaction and get us all the way to the closing table.
So let's compare a little bit. If you have a cash offer and you have just a little higher financed offer, you have to understand that when you get a cash offer there are no contingencies attached. You're going to find that you don't have to pass the haggle of the inspection. You're not going to go over any appraisal from the bank. You're going to be straight maybe three weeks max to the closing table. And that is maybe a way you can find the file to be ready and done really quick. On the other hand, financed offer has to go for different aspects and have to go through bank and people just negotiate over each and every aspect of this contract. So what you choose is not always the highest is the best.
The bottom line is you may have an offer at a higher price, but don't just go for that. Check all the different aspects of the contract because your goal is of course the highest and the best price. Also to close the transaction. You don't want multiple times the deal falls apart and the property stays in the market for a longer time.
So today's lesson is don't only take the highest price for an offer. Hopefully you found this information helpful to help you make that decision on selecting the right offer for your property. See you next week in another episode of Myth vs Truth.