So, you received an offer on your house? Great! That is the first milestone on your journey to successfully selling your house. What’s next? This may be the first but not the only offer you get before finalizing the deal. Hopefully, you will receive plenty more, but navigating various offers can be a challenge. You may feel like proceeding with the first or the offer with the highest price but there are more factors at play than that. Here are tips on how to assess an offer when selling your house.
Familiarize yourself with the purchase agreement
It is wise to be aware of what is to come next so you are well prepared and able to make an informed decision when you receive an offer. A good place to start is to familiarize yourself with the purchase agreement and all of its major sections. This contract between the buyer and seller details factors like the selling price and closing date. You may also need to consider if it is more important that you maximize your gains or settle for a buyer who can close the sale in time.
Factors around the closing timeline
As a seller, you may want to close the deal as soon as possible or have a specific closing timeline due to a number of different reasons. It is important to determine if the buyer is flexible with regard to your closing timeline or find ways to deal with any discrepancies. For instance, if a buyer wishes to buy the house earlier you could propose a leaseback agreement whereby you could lease the property for a specific time period after the sale.
Determine the buyer’s qualification
You would want to know how qualified the buyer is, including how financially secure they are and whether or not they are able to put up a cash offer. Their ability to make a down payment and an earnest money deposit are also good indicators of their financial wellbeing. You may also want to know if there are any buyer contingencies attached to the contract, which may include inspection contingency and/or financing contingency.
There is no denying that the offer price is a key determinant, but you must also be mindful of these factors when assessing an offer during the house selling process. You can get in touch with me for any assistance or advice about buying or selling a home in Greater Boston. Feel free to call me or send me an email or get in touch on Facebook.
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