Factors To Consider When You Receive An Offer For Your Home
One of the primary goals your realtor will have when helping you sell your house is getting an offer for it. An offer is what a buyer makes when he or she wants to purchase a home, and your agent will help you analyze the offer you receive. Here are the four main parts of the proposal that your realtor will help you evaluate.
The Offer Price
The price a person is offering to pay you for your house is probably the most significant part of the offer, but it's not the only essential part to evaluate. The offer amount might be equal to your asking price, and you might assume that this is a great offer. The problem is that the buyer might have conditions with the offer that you might have to pay. Therefore, you should always analyze the offer as a whole before deciding how to respond to it.
The Financing the Buyer Is Using
You should also view the financing the buyer plans to use in the deal. If the buyer is paying cash for the house, you could agree to accept a lower amount for the purchase. A cash deal has few risks and generally closes quickly. If the buyer is using a loan to pay for the home, evaluate the loan program. Some loan programs have stricter requirements, making it harder for deals to close. Your realtor can help you understand how this works.
The Deposit Made
Next, check out the amount of the deposit the buyer is offering with the purchase offer. If the buyer is only providing $100 down, you may want to use more caution when accepting the offer. A buyer that only has $100 to put down might have trouble securing a loan for the deal.
The Requests and Conditions
Finally, talk to your realtor about the requests and conditions listed on the offer so you can fully understand them. Buyers add contingencies to deals to ask for specific things. The contingencies often affect the bottom line with a deal, so it's vital that you understand how these work before responding to the offer.
When selling a house, you will hopefully get an offer soon. If so, make sure you know what to look for in it and how to analyze it. Your real estate agent can assist you if you need help. Call a local realtor to learn more.