If you’ve just received an offer or two on the home you are selling, congratulations on getting buyers interested in purchasing your home! Getting an offer is one of the most complex moments in the sales process, and one of the times when working with a good real estate agent becomes really crucial. Even if you are working with the right professional, it would still be good to learn and understand what’s going to happen next.
In a perfect world, your buyers would have offered you full price or more, as well as all your ideal terms for the sale. Of course, the truth is that not every offer you receive is going to be immediately acceptable. You will need to carefully examine and evaluate each offer before entering negotiations with your buyers and their agents. Your real estate agent should be able to walk you through the terms of the offer and help you understand anything that may be too confusing or complex. He or she should also be able to educate about the offer in the context of the real estate market in your area. You need to know whether you’re in a balanced market with an equal number of buyers and sellers, or whether either buyers or sellers have an advantage in the area where you live. You will also need to know whether home prices are going up or down within your community.
Another very important step your real estate agent can help you with is to determine whether your buyer can fulfill the terms of the contract with financing, by consulting with the buyer’s agent and lender and checking on the pre-approval letter that should have been included with their offer.
Once you’re sure that the buyer can qualify for a loan, you may begin evaluating their offer by considering these factors:
- How close is the offer to your asking price?
- Will your home appraise for the contract price?
- How large is the earnest money deposit that accompanied the offer?
- Has the buyer asked for assistance with closing costs?
- Has the buyer asked you to make repairs or to give a credit for home improvements?
- Is the requested settlement date appropriate for your needs?
If you ultimately aren’t completely satisfied with their offer, or if you have serious doubts about whether or not you should accept it, you can consider your options. Again, you should work closely with your real estate agent when asking yourself the following questions:
- Are there other offers?
- Can you wait for more offers to come in?
- How will you handle it if no other offers come in after a particular deadline?
If you are planning to sell your home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
