Best Offer And Top Price: What’s The Difference?
By Stefan Walther | February 12, 2023
The best offer and the top price — they are the same thing, right?
The best offer should be the very most money that a seller could get for their home, right?
And the top price should be the absolute best offer, nothing better, that a seller could get for their home, right?
Wrong. While they could be the same thing, the best offer and the top price are often very different.
And a seller may choose to accept an offer that represents one or the other, not both, or even somewhere in between, depending on their particular situation.
Allow us to explain.
First, it is right there in ThunderBayHouses.com’s mission statement: “To showcase homes in the best possible way and to the largest buyer audience, to assist the owner to sell quickly and for the best offer and the top price.”
We do this by creating a professional listing that features high-quality photography and comprehensive details, and present it to our over 30,000 weekly website visitors and over 22,425 followers on social media.
From here, a seller receives incredible exposure, as the above traffic would suggest, to tens of thousands of people in a very short period of time — our stats show that between 16,000 to 25,000 people see a ThunderBayHouses.com listing within the first 24 hours. This is the power of the Internet and of social media, in this instant and connected modern world in which we live.
And both the favourable presentation of the home, as well as the vast exposure, are vitally important for the ultimate successful sale. Because the more and more buyers who are reached and who become interested in the home, this potentially generates more offers — some good, some better, some best — for the seller to entertain and consider.
And the best offer, the one that is most attractive to the seller, may not actually be the one for the top price. It may, in fact, be quite a bit lower than other offers. What makes an offer better or best, rather than a top price? This can basically come down to conditions and the possession date.
A best offer would likely have no conditions. This type of offer is the most desirable and, in particular, would not be conditional upon the selling of a buyer’s other property, which could take weeks to happen or could even take months if it is a higher-end home or one with otherwise smaller appeal, which could be due to size, location, unique features or another limiting attribute.
In addition, a best offer may not be conditional upon financing. It could be a “cash offer” in which the buyer already has the money to purchase the home, perhaps they have already sold their other or current home. Or the buyer may already be pre-approved for a mortgage — always a smart thing to do, contact Mortgage Specialist Jessica Coley — so a condition for financing may not be necessary.
Furthermore, there could be other conditions on an offer, even if it is for a higher price, that make it less appealing to the seller.
As well, a possession date could be a deal breaker for a seller. A buyer could prefer immediate possession, or early possession of a week or two, or late possession of several weeks or even several months, depending on their particular current living situation. Whichever it may be, this may not be attractive or amenable to the seller, who may have a different timeline in mind, better for their own situation.
In conclusion and to underscore, it is important to not only showcase a home in the best possible way, but to also present it to the largest buyer audience. Cast the widest net.
Essentially, to get the most buyers interested to help the seller attract the best offer and the top price.
And this is what ThunderBayHouses.com is all about. If we can help you sell quickly and effectively, or if you would just like to chat about the current market, give us a call at 807-344-9393 or send us an E-mail. See more about our excellent service here.
<< Partner Spotlight: Rock It Chocolate <<
>> ‘No!’ To Open Houses, Conditional Offers Falling Through >>
