READY TO SELL YOUR HOUSE? HERE ARE 3 TIPS TO HELP YOU BETTER UNDERSTAND OFFERS
Have you decided to sell your home? No matter if you’re moving into a new city or simply down the block, there are many factors that go into selling your home. While getting offers can be exciting, understanding what they mean and what to do with them can be daunting.
To help you make the most of your selling experience, we have compiled a few tips to better manage your offers and sell your property for the best value.
HOW TO GET OFFERS QUICKLY
In some cases, we see homeowners that are in a rush to sell their home. No matter if you need to sell quickly or simply don’t want to wait, there are a few things you can do to speed up getting offers for your property. One of the easiest and most effective ways to do so is to set a deadline.
When you are expecting multiple offers, setting a deadline within a week or two of listing your property will alert all interested buyers that they need to submit their best offers to compete with other buyers.
Before you set a deadline, it is important to price your home right. This will ensure that more offers will come in and ensure you sell your home for the best value for your time frame.
REVIEWING YOUR FIRST OFFER
You set your deadline and the offers come pouring in. You have your first offer in your hand—now what?
Looking at your offer, you’ll want to find the five most important factors:
It is important that you fully at the offer, rather than just looking at the price. One of the most important things that many home sellers glance over is the buyer’s time frame.
If they are looking to move in quickly, that might leave you scrambling to find a new home. If the buyer has a deadline that is further away, and the deal falls through, that could force you to start the process of selling your home all over again.
Be sure that the buyer’s time frame works for you before you accept it.
If the deadline checks out on your end, it’s now time to look at the most important part—the price. In the offer, it will state whether the buyer has the finances ready, how much they will put down, and other financial information you might need.
Looking at the buyer’s contingencies will ensure you are both on the same page throughout this entire process. A contingency is anything that will give the buyer the ability to back out of the offer. These are typically things, such as inspection results, move in time frames, and more.
HOW TO COUNTER AN OFFER
If you find something in the offer that you can’t agree on, it’s time to make a counter offer. Whether its price, closing costs, or a time frame that doesn’t work for you, placing a counter offer will ensure that you get what you want.
If the price is the biggest issue, countering with a higher price might not be the best way to ensure a sale. Offering a slightly higher price and adapting your contingencies to help speed things along might be the best way to ensure the buyer doesn’t back out.
Be sure to consult your realtor for assistance in drafting a counter offer. They will be able to come up with a strategic counter offer that will keep the buyer interested, and ensure the highest chance of having the buyer accept your new offer.