If you are selling your home, it's always nice to get offers. An offer means someone loves your home as much as you do and is willing to purchase it. You may even get multiple offers on your home, particularly right after an open house event with lots of foot traffic. Things can get really confusing, however, when you consider that offers to purchase your home can be more than meets the eye. Read on and find out what that means.
Setting a Price
Your real estate agent can help with pricing your home so that it brings in as much profit as possible while still being attractive to buyers. Sellers should know, however, that the asking or list price and the rock-bottom price are two different things. Make a plan about what you will accept and how long you will hold out for that offer.
It's Not Just About the Purchase Price
When a home is sold and bought, the purchase price understandably tends to take center stage. While all attention is focused on that number when an offer is made, sellers have a lot more to consider in some cases. Other aspects of the deal may not be as important but when sellers are dealing with several offers, the details matter. There are a few situations that add complexities to the deal.
For example, consider what you would do if the buyer makes an offer below the asking price but is able to pay cash. Some buyers have cash available from a previous home sale, an inheritance, or other windfalls. A cash sale is almost always easier and faster for everyone. Some sellers might be willing to sell for a bit less if cash is part of the deal.
Another scenario is if the buyer offers to pay the full asking price as long as the seller pays closing costs. If the seller doesn't have better offers, this might sound like a deal as long as you take the amount of the closing costs into consideration.
Lastly, you should consider if a buyer offers to pay a certain sum but has added contingencies to the contract. A contingency is a clause that makes the offer contingent on certain things. Common contingencies include the home passing an inspection, a good home appraisal, being approved for financing, and more. Some contingencies are common, but some can be unusual. Sellers should look at the full picture to determine the contingency question.
To learn more about the delicate art of accepting offers on your home, speak to your real estate agent.Share