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Multiple Offers Put Home Sellers in Control

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By Paul Owers

That strategy paid off for Mike Killi, who’s selling his four-bedroom home in Coral Springs. The half-dozen bids gave him and his agent, Dean Ehrlich, the leverage to go back to each buyer and seek more money and the most favorable terms.

They had an offer for $5,000 above the $325,000 list price. But the buyer needed a mortgage, and there was no guarantee the home would appraise. No appraisal is needed in a cash sale.

Killi ultimately took a cash deal for $2,000 more than the asking price. The closing is expected in mid-August.

“We’re really happy with the way it turned out,” says Killi, 33, a social marketing manager for an advertising firm. “When you put your house on the market, you’re really nervous. When you get multiple offers, it very quickly puts you at ease.”

As Killi showed, the highest price isn’t necessarily the best offer. Some of the other considerations: the amount of down payment, how soon the buyers want to close and whether they’ll agree to pay the difference if the home doesn’t appraise.

“Price is important, but it’s just one factor,” Broward agent Tim Singer says.

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