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You’ve received an offer on your home. But should you accept it? To help you figure that out, below are some questions you should ask yourself and discuss with your real estate representative.
- Can you live with the price of the offer? Is it fair (i.e. close to market value) or is it a lowball offer? While your representative can’t answer the former question for you, they can certainly address the latter one: just ask them to present you with the information on comparable sales.
- Are the terms agreeable? Price is important, but it isn’t everything. For example, if you need to move right away, but the buyer doesn’t want to close for a few months or their offer is contingent on selling their current home first, the offer may not work for you.
- What are market conditions like in your area? How likely is it that you’ll get more offers on your home? That depends largely on whether it’s a buyer’s market or seller’s market where you live. Again, these are questions your real estate representative can answer for you.
- Has the buyer been pre-approved for a mortgage? An offer is one thing; an offer from a pre-approved buyer is another, as such buyers have been qualified to obtain the financing needed to close the deal, meaning you won’t lose selling time to buyers who can’t afford your property.
- How quickly do you need to sell? Maybe you’ve already bought your next home and are carrying two mortgages, or you’ve accepted a job requiring you to relocate by a certain date. Whatever the reason, it will be a factor in your decision.
Even if you’re just thinking about moving at this stage, it’s always good to get some background information on local market conditions. Please call me today for a no-obligation discussion.
Reprinted from Realty Neighborhood Newsletter, with permission from Market Connections ™ Inc.