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How to Review An Offer So That You Get Top Dollar For Your Home




Wow! Inventory has never been as low as it is today. And with so many buyers out there anxious to find the home of their dreams, it’s no wonder that we are seeing a lot of things change in our marketplace. Sellers have the upper hand now and with that upper hand, comes the task of learning how to manage multiple offers and discern which is best for you. Here are some tips on how to review an offer; questions to ask so that you get the most money when you sell your property.

Is the Buyer Preapproved for a Mortgage or Prequalified?
Contrary to popular belief, a seller with a prequalification is simply not as good as one that has been prequalified. It is an important thing to consider when looking at an offer and the difference can easily make or break your transaction. When a buyer has been preapproved, the lender has reviewed and verified all the important aspects of the financial transaction.

How Much Money Are They Bringing to the Closing Table?
As our marketplace leans heavier and heavier toward a seller-centric environment, the issue of how much down payment they will be able to make will come up more and more. When a buyer has more money down on their purchase it is definitely a stronger offer than one where the buyers have less at stake. Look for a letter or statement from the bank demonstrating their ability to cover the funds promised as a down payment.

Is There a Contingency To Sell Another Home First?
Many buyers have a home to sell first before they can move forward with a new purchase. In the offer you receive from these buyers you will likely see a contingency upon the sale of their home. When comparing multiple offers, if one buyer is able to buy your home without need to sell their home – the chance of other problems or mistakes will reduce significantly.

How Far Out Is the Closing Date?
The ideal closing date is about 45 to 60 days from the date of accepted agreement. When you start getting into closing dates that go out two months or more, there tend to be more problems. A lot can happen in that much time, whether a job change, life change or even a change of  heart – so if there is an offer with a closer closing date, that would definitely be the stronger choice.

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As always, we look forward to assisting you with all your real estate needs and in the interim if you would like to learn more about today’s hot real estate topics, catch us on Saturday mornings on AM830 KHVH. We look forward to it!