Seller’s markets come and go. If you’re selling your house in Chicago or around the 60614 zipcode during a seller’s market, then you might get multiple offers. Here’s how to review seller’s market offers in Chicago…
A seller’s market is when there are more buyers and fewer properties. For sellers, it’s an exciting time to sell because you may be able to get a higher asking price. You might also get multiple offers on your house at once.
If you’re selling your house and you received multiple offers, you might be asking yourself, “now what do I do?” Although multiple offers might be exciting to receive, it can also be overwhelming. Fortunately, there are 4 things you can do to help ease the burden and approach your multiple offers to your greatest advantage…
How To Review Seller’s Market Offers In Chicago
First, start by creating a simple “Offers Received Matrix” that includes general information about each offer (such as Broker Name, Mortgage Lender Name, etc) as the important terms they have presented in their unique offer (such as price, close date, etc). One of the key details you will want to include in your matric is if they buyer’s offer is contingent on them seller their house.
You don’t have discard the contingent group but it’s often easier and faster to work with someone who doesn’t buy based on a contingency.
Second, sort the remaining ones based on which is more important to you – either the speed of the sale or the price. (For some sellers, a faster sale is more important than a higher price). Of course both are important but usually one will be more important than the other.
- If speed is important to you, sort the offers by the ones who are closest to the timeline you want to move in.
- If price is important to you, sort the offers by the ones that are highest to lowest in terms of price.
Third, if you have gotten to this step with several offers that are acceptable to you then you’ll want to further filter the results by the type of financing the buyer will be using. A cash offer is considered the most financially qualified buyer followed by a conventional loan with a large down payment and finally followed by a government loan that allows for a small down payment.
Once you’ve sorted your offers this way, start working through them from the top, making counter offers from a position of strength!
If this is overwhelming or if you don’t have as many offers as you’d like, or if you don’t have the offers that you want, there is another way to sell: you can sell directly to us at Blue Ladder Development.