Selling Your Home? Consider This 3 Factors When Evaluating An Offer
Evaluating an Offer For Your House From Potential Buyers
It’s always exciting to sell your home. You’ve worked hard to restore it, paint it, and have planted some great landscaping outside the front door. After all that hard work, you are ready to put the house on the market and see its value. Most of the time, you obtain multiple offers, but how to choose the best one?
You must understand all the factors in play when evaluating an offer for your house from potential buyers. To get the best deal for your home, consider these three factors with your Homestead Realtor.
All About Speed, Including Closing Dates
Stay alert to the proposed date of possession you listed. If you have to stay in the house past that date, you may have to find an option for housing or lease back the property from the buyers.
Do you want to close on your house ASAP or do you want to close within a specific period due to personal circumstances (such as a job offer)? These questions matter, so analyze them before deciding on the buyer.
If the buyer wants to buy the house sooner than expected, will they do a leaseback? This process allows you to lease the property for a short-term period after it’s been sold. It is crucial when you need to delay moving.
Also, consider how flexible the buyer is when it comes to closing. If you need to close faster, you’ll want to know if the buyer is understanding your points.
Do not forget about the expiration date of each offer. Every offer has an expiration date set by the buyer, and you have to decide whether to accept, reject, or negotiate the offer before this date.
You don’t have to analyze this aspect on your own, a Tortosa Real Estate Company can help you out.
Is The Buyer Qualified?
Do not be scared of all-cash offers. These offers usually mean a quicker and less risky closing, so they are very attractive to many sellers. Their only disadvantage is that they provide a lower offer price, but you won’t have to stress about a low appraisal.
In addition to the type of offer, you must consider if the buyer is financially stable. A few good indicators can help you decide this. These are:
- Down Payment: How much of a down payment are they making? A higher down payment percentage is a sign of a financially secure buyer. The higher the down payment, the better the offer for your house.
- Earnest Money Deposit: This is money the buyer won’t get back if they back out of the deal for reasons not specified in the agreement contract. The higher the earnest money deposit, the more serious the buyer is about purchasing your home.
- Pre-Approval: Pre-approval is not the same as pre-qualified. Being pre-approved means a lender has officially confirmed the buyer is financially able to buy the house.
These aspects may seem confusing at first, so feel free to consult them with a The Villages Realtor if you have doubts.
Let’s Talk About Price
The price the buyer is offering to pay is self-explanatory. It is probably the most important factor when evaluating an offer, but you should consider other factors that may affect the proceeds from the sale.
For example, is the buyer offering to pay closing costs? Buyers and sellers are responsible for paying closing costs, so take note if the buyer offers to pay for a portion of these costs when closing the deal.
Is the buyer offering to pay for a new survey if necessary? Most of the time, the buyer uses the seller’s existing survey, but only if they have one. If not, a new survey will be necessary, and sometimes, the buyer decides to help with that.
Last but not least, do not forget about leaseback. If you have to stay in your home a bit longer, talk about a leaseback with the buyer. If the buyer is flexible with their move-in date or offers a leaseback at no expense, keep that in mind because the offer will be a bit sweeter.
Contact a Maricopa Realtor For Better Help
Price plays a major role in any offer, but you should also keep in mind these factors to ensure you choose the best offer. Fortunately, you can get help from The Maricopa Real Estate Company if you have doubts. With The Maricopa Real Estate Company, you obtain the best guidance every step of the way. Contact us now by phone or email to get started!
The Maricopa Real Estate Company
21300 N John Wayne Pkwy Suite 101
Maricopa, AZ 85139