Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation
Today, I’ll go over a few questions that a seller should ask themselves while considering a buyer’s offer.
First of all, does the price meet or exceed your needs as a seller? You probably have a certain amount of money that you want to net after the closing costs and commissions have been taken care of. Will you get that money with this offer?
You should also consider the terms and conditions. Does the buyer have to sell a home before they can buy yours? Do you have time to wait for them to do that? What are the inspection contingencies? Basically, look for anything that may affect your net income and the ability to close the transaction.
Which brings me to my next point, does the buyer have the ability to close the transaction? Verify proof of funds. Make sure they can obtain financing. Make sure they have gotten the necessary documents to their lender.
Next, does the close of escrow date meet your needs? Sometimes a buyer may want an extended closing, which may not benefit you. If you are still looking for your next home, an extended closing may work in your favor. It all depends on your unique situation.
How big is the down payment? Although the down payment doesn’t tell the buyer’s whole financial story, it can affect their ability to close the transaction. The down payment amount is important.
Finally, how will the potential buyer react to inspection issues? Practically every home inspection yields surprises to the buyer and the seller. How will the buyer react to those issues? If the buyer is an investor, they will probably just walk away. If a buyer wants to live in the home and they’ve fallen in love with the property, the buyer will usually negotiate those issues with you in order to close the transaction.
If you have any questions about today’s video or about real estate in general, give me a call or send me an email. I would be happy to help you!
