Pros and Cons of an Offer Review Date

What are the pros and cons of an offer review date? Currently, there is a lot of competition in the Seattle real estate market and many sellers are using offer review dates.

Pros/Benefits
1) Multiple offers! – Allows more time for buyers to do their due diligence and make offers
2) A higher price – The price will be driven up with multiple offers!
3) Fewer contingencies -Buyers will do due diligence beforehand and/or cross off contingencies to be competitive
4) Better terms – Buyers are trying to set themselves apart based on price, contingencies, and terms

Cons/Risks
1) A lower price – In order to incentivize many buyers, it is important to price on the lower side of the value range
2) Fewer potential buyers interested in purchasing your home – Some buyers do not want to compete
3) The competition – Another home might not have an offer review date when yours does
4) Simultaneous offer review dates – Buyers will need to pick which offer they’re going to make
5) Time – Buyers losing interest within the offer review timeframe