Seller Goal: Fast But Not TOO Fast
Homes in multiple offers.
That’s the word from Edina Mortgage’s Steve Mohabir, who’s noted the quicker deadlines in several recent deals, including faster closes (Note: the lender has to be especially on their toes when — what they usually have a month to do — suddenly is expected in half that time).
Apparently, Buyers who won’t (or can’t) go higher in price are seeking to make their offers more attractive to Sellers by offering to perform faster.
Are they right?
To a point.
However, when the deadlines are set unrealistically fast, sophisticated Sellers know that there’s an increased risk that the Buyer will miss those deadlines, (more than) negating any appeal.
P.S.: The best way to determine if a cash Buyer really has the cash . . . is to close (in the meantime, a “Proof of Funds” statement from a name-brand financial institution, and a hefty earnest money check are always good ideas).