When you’re selling a home, you’ll spend so much time preparing your home to be sold, you might jump at the first offer you receive.
However, you never know when a better offer might come along down the road. Here are a few tips for choosing the right offer for your home.
Look at the Contingencies
First, look at the contingencies connected to each of the offers that you’re receiving. Each buyer will have certain contingencies or requirements that must be met before they go through with their offer. If those contingencies are not met, they will have the flexibility to back out of the offer, which could waste a lot of time and money on your part.
For example, your buyer might need to get approval for a loan or a certain mortgage rate as one of their contingencies. They might also require your home to be appraised for a certain amount after inspections and appraisals have been performed. You want to ensure that you’re working with a home buyer who won’t easily back out of your deal.
Make Sure Financing is Secure
Next, considering the financing of each of your offers can help you to narrow down the options available to you. You’ll want to ensure that the financing is secure for the offer you accept. Most traditional home buyers won’t be able to purchase your home out of pocket and will need to rely on financial help from a bank or lender to do so.
Sometimes a potential buyer has their financing fall through and can no longer close. This can be frustrating for you, especially if you were trying to sell your home within a determined time frame. If you want an easy guarantee that your buyer will have the funds to purchase your home, consider selling to a cash buyer instead.
Consider Different Benefits
Finally, as you’re deliberating between different offers that you’ve received, consider the different benefits that your different buyers present. For example, one buyer might be able to guarantee that they can close on the deal within your desired timeframe while other buyers might be prone to delays. Sometimes, buyers might offer to cover your portion of the closing costs. They might also offer to take care of repairs rather than making you pay for them yourself. These different benefits can help you to decide which offer you’d like to accept.
So, if you’re in the process of selling your home, remember these tips for deciding which offer to accept. Make sure you look at the contingencies, make sure financing is secure, and consider the different benefits available. This will help you to find the offer that best fits your needs.
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