You might be unsettled if you receive an unsolicited home purchase offer. Answer the following questions to help you deal with such an offer.
Do You Want To Sell?
The first issue is whether you are open to the idea of selling the property or not. If you have never entertained the idea, stop and think about it for a moment. Don't discard the offer before evaluating it.
For example, you may consider the offer if:
- You had planned to sell the house later in the year
- You have been planning to sell the house for a long time but have never gotten around to it
- You are in a seller's market, and you can get top dollar for the property
- You have multiple properties
- You bought the house for speculation purposes
Discard the offer if you decide not to sell. Move onto the next question if you are open to the idea of selling the house.
Is the Buyer a Scammer?
Not all unsolicited offers are scams, but scammers do exist. Evaluate the offer to confirm that it is genuine before moving on to the next step. Here are a few things that may tell you whether the offer is a scam or not:
- The size of the offer — an offer that is too good to be true might be a scam
- The identity of the buyer — be wary of buyers who fail to identify themselves properly
- The buyer reviews — you can only use buyer reviews if the buyer is a company and not an individual.
Hopefully, you won't fall victim to a scammer. Consult a real estate agent before making your move to help you stay ahead of criminals.
Is the Price Right?
Once you have decided to sell and confirmed that the buyer is genuine, you can move on to the issue of price. Many unsolicited offers are cash offers and tend to be on the lower side. The best way to confirm if the price is right is to:
- Compare the offer to comparable home sales in the area
- Evaluate the condition of your property
- Evaluate recent upgrades or improvements on your property
- Evaluate buyer contingencies if there are any
Again, a real estate agent can give you a professional's take on the offer.
Note that you can still use an agent even if you receive the offer and immediately decide to sell the house. Don't avoid an agent just because you did not solicit the offer. Contact a real estate agent to learn more.