We know that this may seem like a silly question, however, there are a few reasons as to why a seller may wonder if they have to accept the highest offer that is placed. Ultimately, most sellers want to make as much off of their sale as possible, however, there are a few reasons as to why even the highest offers may not always be the best offers.
Related: Why Was my Offer Rejected?
A common misconception with selling a home is that you have to accept the highest offer that is placed; however, this isn’t true. As the seller, you have a right to accept whichever offer you want to, regardless of if it is the highest or the lowest as this is your right as the property owner. There are quite a few reasons why you may want to accept an offer that isn’t the highest that is placed, however here are a few of the most common examples.
Selling to a Friend or Family
Even if you plan to sell your home to a friend or family member, oftentimes you will still receive additional offers, especially if your home has been listed through the MLS. This could result in receiving higher offers than that of the price your friend or family was going to pay. This does not mean you have to accept the higher offer and can move forward with the sale as planned.
The Highest Offer Contains Contingencies
In some instances, the highest offer may be scattered with multiple different contingencies. These contingencies are set to protect the buyer, but often the seller will decide to accept a lower offer solely because it has fewer or no contingencies as this is a “safer” offer to accept.
An All-Cash Offer Has Been Placed
If an all-cash offer has been placed, even if it is lower than other offers, oftentimes the seller will choose to accept the cash offer. All-cash offers can not only move along the closing process faster but without the need of approved financing, all-cash offers are generally safer and don’t fall through as often as regular financed offers.
Whether it be friends and family, contingencies, or an all-cash offer, ultimately it is up to you as the seller to decide which offer would suit you and your wants the best. In some cases that may be the highest placed offer, however, when it comes to accepting an offer, you have the final say.
If you’re currently searching for a qualified seller’s agent to assist you with the sale of your property, are searching for a new home, or have general questions regarding North Carolina real estate, please feel free to contact our office at any time.
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