Receiving an offer on your home for sale can feel pretty good. However, you need to take your time before accepting. Even if an offer looks good on the surface, it might not be a right fit. In this guide, we’ll explore the key things you should consider before accepting an offer on a house.
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6 Things You Should Consider Before Accepting an Offer on a House
1. Offer Price
When assessing an offer, the initial price might catch your attention. It’s common for offers to come in 5–10% lower than the asking price. Take your time to think about it, and look at the prices of houses sold nearby for comparison. Reflecting on the offer for a day or two before deciding is normal.
2. Financial Strength of the Buyer
Understanding the financial strength of the buyer is paramount. Whether they are a cash buyer or need a mortgage, request proof of funds or a pre-approval letter. It ensures that the buyer has the means to proceed, reducing the risk of the deal falling through later.
3. Closing Costs
While the offer price is significant, don’t overlook closing costs. Review the entire financial package, including any concessions or requests for covering closing costs. Sometimes, a lower offer with favorable terms might be better than a higher offer requesting more concessions.
4. Inspection and Contingency Period
The inspection and contingency period is a crucial phase. Understand the buyer’s inspection requirements and any contingencies outlined in the offer. Prepare for possible negotiations based on the inspection results. Also, think about how contingencies may affect the overall sale.
5. Closing Timeline and Possession
Consider your preferred closing timeline and possession date. If you need a quick sale, an offer with a shorter escrow period might be preferable. But, if you need more time to move, choosing an offer with a flexible closing date is better.
6. Other Considerations
Beyond the core aspects, factor in any unique considerations. For instance, a higher earnest money deposit can signify a more committed buyer. Also, consider the buyer’s willingness to meet your needs, such as specific fixtures or appliances. These finer details can impact your overall satisfaction with the deal.
Ready to make the right move?
Consult with your real estate agent to review offers. Your agent can help you evaluate offers and determine which ones are right for you.
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