You Received an Offer, Now What?

2023-04-18T00:16:47-05:00

Congratulations! You have received an offer—or maybe more than one—to purchase your home. Before you say yes, review the terms. Remember: while price is certainly important, an offer is more than just a number. Consider these factors when working with your REALTOR® to decide what to do. Does the Timing Work for You? You need to move to your next address. You might be buying another home yourself. An offer that works with your timetable will be more appealing than one with a quick turnaround or that is otherwise inconvenient. Buyers may even be willing to temporarily rent your home back to you after the transaction closes. Has a Buyer Offered To Pick Up Some of Your Costs? Buyers may sweeten the deal by offering to pay for some of the sellers’ closing costs. Though that amount is not part of the purchase offer, it increases your bottom line. How Much Will They Put in Earnest Money and the Termination Option Fee? Some buyers will show their interest with a large earnest money payment. They may also include a large option fee, which you can keep if the buyer chooses to terminate the contract. Are There Other Factors at Play? There are many aspects of an offer that can make a deal more or less appealing to you, such as factors related to appraisals, surveys, financing, termination options, and more. Your REALTOR® can help you sort through the criteria that matter most to you and can help you find the best offer for your home. When you hire a REALTOR®, you have an advocate for closing the best deal possible

You Received an Offer, Now What?2023-04-18T00:16:47-05:00

Factors To Consider With Multiple Offers

2021-09-28T02:21:22-05:00

It’s a hot market, and you’ve received multiple offers for your house. The highest bid wins, right? Sometimes, but not always. A high-dollar offer might come with a lot of stipulations and other complications. Consider these questions when making your decision: What Are the Buyer’s Conditions? Buyers can put all kinds of things in an offer. They can request an option to terminate, ask for repairs, see if you’ll leave the appliances, and make the offer contingent upon the sale of their current home. Your REALTOR® can help you decide what is reasonable. How is the Buyer Paying? Without cash or a letter from a lender, your buyer may not be able to afford the price he’s proposing. Your REALTOR® can help you tremendously by making sure that anyone who places an offer on your home is qualified. Does Their Closing Date Line Up With Yours? If not, this leads to more questions: How flexible can you be? If your next home isn’t ready, are the buyers open to renting the house back to you? If so, how much would they charge for rent? How Much Earnest Money is Included? Earnest money is an amount a potential buyer will put towards the sale in advance of the closing to show he’s entering into this transaction in good faith. A high amount of earnest money usually indicates a serious buyer. If the transaction closes, the money counts toward the down payment; if it doesn’t close, the seller in some circumstances gets to keep the earnest money. Don’t forget to talk to your REALTOR® when reviewing offers to get additional insights on choosing the best offer.

Factors To Consider With Multiple Offers2021-09-28T02:21:22-05:00
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