Mistakes to avoid when Selling Your Home In Prosper in the multiple offers situation
Accepting a sight unseen offer
Some desperate home buyers in Prosper's competitive market where homes sell within first 24-48 hours try to put a home under contract without even physically touring the home to "lock" the home for sale in Prosper so that they can visit the home during the option period and make a decision. And they try to do it for multiple homes in parallel. So accepting an offer from a home buyer in Prosper who has not toured the property yet is fraught with the risk of buyer backing out during the option period in Texas. Remember that the home buyers in Prosper do not need any reason to terminate the contract during the "option period" in Texas!
Focusing on only the price
Do not focus on just the purchase price offered by the buyer. If your Prosper listing agent does not perform the due diligence regarding the financial ability of the buyer and you do not consider other variables in the offer submitted by the buyer, you may be leaving money on the table or in the worst case, taking your home off the market for a number of weeks before the buyer terminates the contract because of inability to get approved for a loan. A serious home buyer in Prosper should be offering a substantial amount of option fee in this market. Here are some other factors to consider when evaluating an offer.
Falling for the bully offer
Some home buyers in Prosper try to submit an extravagant offer, put a deadline on the offer and then try to renegotiate during the option period or during the appraisal period. These offers known as bully offers normally expire within a limited number of hours and can often be substantially above asking price. Avoid this trap and consider all the offers before you take a decision and, as mentioned in the previous section, consider all the other