Here are some specific instances when accepting the first offer makes the most sense.
1. If it’s the most un-wonderful time of the year for real estate The sweet spot for home sales is the spring. As the months tick by and the weather cools, the real estate market tends to do the same. If you find yourself selling between Thanksgiving and New Year’s, you will want to consider the first offer, as it might be a while until you receive another.
2. If your house has been on the market more than three months When properties sit on the market, whatever the reason, buyers will assume there’s something wrong. So when an offer rolls in—assuming the number’s not an extreme lowball it means you may have finally found the best possible buyer, You don’t want the property to continue to lose value by being on the market longer than it should be.
3. If you get an all-cash offer Even if a buyer comes at you with an all-cash offer that’s lower than you’d hoped for, you may want to accept it. “Cash buyers are a safe bet since they don’t have to wait on the loan processing to be approved. And cash buyers usually don’t come with any contingencies, like having to sell their current home before they can buy yours. Just be sure to vet buyers to ensure they have the cash on hand.
4. If you’re going through a major life event Starting a new chapter in your life? You may want to accept the first offer it you’re experiencing a major life event like relocating for work or going through a divorce. Closing the book on your home sale will ease what can be a difficult transition.
5. If the buyer goes the extra mile Accepting the first offer you received on your house two days after listing because the buyers had a complete package together when they made the offer. Not only did they have solid financials and a pre-approval letter from the bank, they also included a letter explaining why the house would be ideal for their family.
6. If you have no skin in the game Perhaps you’ve inherited a home from a deceased loved one and you plan on selling it. It’s likely that your main concerns will be getting a fair price and unloading the house as soon as possible so you can move on. The first attractive offer that comes your way may be the one worth accepting.
7. If you’ve already found a new home Most sellers are also involved in their own home search, and there’s a chance they’ll find a house before a buyer comes around for theirs. If you find yourself in that situation, you can either pay two mortgages (not ideal) or make a contingent offer on your new home that’s dependent on your finding a buyer.