Receiving viable offers on your property can be an exciting thing, but it’s not always a good thing to accept the first or even the highest offer as soon as it is received. Taking a step back and reviewing all your options can get you to the best offer, rather than the highest one.
No matter the state of the real estate market, it’s always wise to analyze all the offers being presented to you. It’s not uncommon to receive a wave of offers on a property when it’s a seller’s market, but in a buyer’s market it is possible to get multiple offers on an appealing property.
Whatever the case may be, it’s always important to understand how to choose the best offer for you. Here are a few considerations before deciding on the best offer when selling your property:
- Net Proceeds – this is how much money you keep in your pocket after meeting the terms of the sale. Other unexpected costs that may come up are:
- Repairs
- Closing costs
- Down payments
- Loan Approval – Sometimes pre-qualified and pre-approved sounds like the same thing, but in financial terms, it’s not. Pre-qualified means that the prospective applicant will most likely qualify for a loan under the lender’s current program. While on the other hand, a pre-approved applicant will have already completed an application at the lending institution, provided them with income information, asset statements, etc.
- Escrow – this is essentially how much down payment is the buyer willing to make on the property to secure the sale.
- Timeframe of Sale – Being able to close within a specific timeframe is key to wrapping up a sale and moving on.
- Contingencies – Some buyers like to throw in all sorts of requests before closing a sale. While their monetary offer may seem fantastic, contingencies may mean you end up with little or nothing after the sale.
Choosing the best offer when selling a house doesn’t always come down to price. Sometimes it is worth accepting a few thousand dollars less from a buyer with no contingencies. There are many factors to consider when choosing the best offer on your property, at CPC, we know it can sometimes be a daunting task to sell your property. We understand exactly what it entails to lock in the right offer and our Team will ensure that all your requirements are met, that you are comfortable with the end result, and that you are kept well informed every step of the way.
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