Today’s market can be a difficult one for many sellers to navigate. While your real estate professional can advise you, the ultimate decision of what offer to accept is entirely up to you. This decision can come with quite a bit of pressure. Even in the most favorable of markets this can be a difficult time. How do you know when to accept an offer? Here are some questions to consider:
1. Is the buyer pre-approved? Selling will involve an investment of time and money. You may need to find a new home or a temporary rental. There is nothing worse than buying a new house, only to find out the deal to sell yours has fallen through because the buyer is not qualified to buy. If a buyer is paying all cash be sure to get verification of funds to close the escrow. Always make sure the earnest money is deposited into escrow as written in the sales contract and this should be 2-3% of the sales price.
2. Do you need to move? The urgency of your move may dictate what offer you accept. Many sellers need to move quickly for a new job or they may need to sell to avoid foreclosure. If you are in a rush you may need to accept an offer that is less than ideal.
3.How much do you owe? You do not want to sell your home at a loss. Be sure to take closing costs into consideration. For sellers a quick estimate of closing costs is 1% plus the commission percentage. I try to provide a more specific amount when an offer comes in so the seller will know what he will probably net from selling for the offered price. Many markets experienced high levels of depreciation over the last couple of years. If you are “underwater” on your loan (you owe more than the present value of your home) now may not be the time to sell.
4. What is the market climate? Are you likely to get another offer? How long has your home been on the market? Have you had many showings? All of these are factors to consider when contmeplating what offer to accept.
Above all, ask yourself if this offer was a reasonable offer. There are buyers who may attempt to “low-ball” you. They may see that your home has been on the market longer than your competition. They may know that it is a strong buyers’ market. In response they offer a much smaller amount for your home than it is worth. You are not obligated to accept or even respond to these low-ball offers. If you are in need of selling now, every offer warrants your consideration and potential counter offer achat cialis paris.
In the end you must accept an offer that works for you. You may be willing to accept a lower price for a faster closing date or some other concession or you may want to hold out for the highest dollar amount. Remember, real estate agents can market your home but only you can sell it.
