How to Choose the Right Offer When Selling a Home

Filed under: Real Estate

Tagged with: · · ·

When you are selling a home, it is exciting to have the first offer come through for the property. Some homeowners are so anxious to move that they simply accept the first offer that is received. On the other hand, there are homeowners who are picky about the buyer, and they end up rejecting every offer that comes through.How to Choose the Right Offer

Here are a few things that should be considered, so that you know which offers should be taken seriously:

  • Time Frame: Make sure that the time frame is set at a point where you can quickly close on the home and still give the buyer the time needed to work through the financing. If the time frame is too long, then it might just drag out the process.
  • Financing: It is easier to close on a home when the buyer is paying cash for the transaction. But, it doesn’t necessarily mean that you should reject an offer that will be paid with a mortgage. If you have two comparable offers and one is a cash deal, then you might consider accepting that offer over the financed offer.
  • Contingencies: Is there a long list of contingencies on the offer that you received? These contingencies might hold up the process, making it more difficult to close on the home. It is normal to have a few contingencies, such as for financing and the inspection. But, if the buyer is going to be too demanding in the process, then you might reject the offer and wait for the next one to come through.
  • Proof of Funds: Regardless of the way the buyer will be paying for the home, it is essential to verify that the funds are available. With financing, the buyer should be able to provide pre-approval details for the loan. With a cash transaction, the buyer should be able to show a statement or a letter from the bank verifying that the cash is actually in the account.

The best way to sift through the offers and choose the right buyer is to work with an experienced real estate agent. For more information, contact Lloyd Mize at Harvest Team Real Estate at: (951) 551-1677