You Have an Offer, Now What?

Consider that you’ve listed your home on the market and are now receiving offers. Other than the purchase price, what should you look for in an offer? As a seller, getting an offer on your home can be an exciting time. With your home likely your largest asset, you want to get as much as possible with from the sale. Here are some essential things to consider with the offer.

How will the buyer finance the purchase? Knowing how well the buyer is pre-approved and can show proof of funds is important. Remember, while cash may appear King, it doesn't always give you the most negotiating power. Weigh both the pros and cons between a mortgage and an all-cash transaction.

How much money is the buyer putting down in good faith to secure their offer? Usually, a higher than standard good faith deposit indicates the buyer is serious about the purchase and knows the risks of losing the deposit.

What contingencies are attached to the offer? The more contingencies a buyer places with their offer, the more chances they have to walk away from the purchase. You may want to consider an offer with fewer contingencies.

What does the closing timeline look like? You should choose an offer with a closing date that allows you enough time to complete your move.

And finally, work with your trusted agent to be sure you understand the contract so you can successfully close the transaction without any hiccups or misunderstandings.