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!
