If you’re considering selling this spring or summer, one of the most exciting calls you’ll get is the one where you hear, “we’ve got an offer.” It gets even better if there are several offers to consider. How do you choose? The most money? Well, in addition to money, there are a few critical components that make up a great offer. So ask yourself these four questions before accepting any offer on your home.
Where’s the Money Coming From?
An offer is excellent, especially if it’s close to the number you have in your head. However, it’s important to understand the different financing options your potential buyer has. Is it right for you? Do they have a pre-approval letter for their mortgage? If it’s a cash offer, can they show proof of funds?
How’s the Earnest Money?
Look at the amount of earnest money the buyer is willing to deposit. The more they deposit in good faith, the more likely they will actually buy your home.
How Many Contingencies Are There?
When a buyer makes an offer, they often have contingencies included in their offer, such as an inspection or appraisal. They can back out of the transaction if these contingencies aren’t met. So, as a seller, you’re looking for as few contingencies as possible in an offer.
Is the Closing Time Right For You?
In general, sellers tend to want a faster closing. However, moving takes time. So, when reviewing the offer, make sure the closing date is a time frame that works for you.
The initial dollar amount of an offer is always crucial, but pay attention to all aspects of an offer. Ask yourself the above four questions to help you accept a winning offer. If you’re considering selling, I’d be happy to meet with you to discuss our local market and your home’s value.
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