When selling your home, accepting the right offer is a crucial decision that involves considering more than just the price. Here are several factors you should weigh before making a decision:
Offer Price
- Market Value: Ensure the offer is in line with your home’s current market value.
- Competitive Offers: If there are multiple offers, compare them carefully. Sometimes the highest bid isn’t always the best.
- The contract is flexible and buyers can write in terms that they would like such as special inspections such as termite or foundation
Buyer’s Financial position
- Pre-Approval: Buyers who are pre-approved for a mortgage are typically in a stronger position than those who are only pre-qualified.
- Financial terms: Offers with fewer contingencies, or buyers with solid financing or all-cash, reduce the risk of the deal falling through.
- Down Payment: A larger down payment often means the buyer is financially stable and less likely to back out.
Contingencies
- Home Inspection: Offers that waive inspections (or limit the seller’s repair obligations) might be more appealing, but they carry risks. Understand what you’re willing to negotiate here.
- Appraisal: Buyers with appraisal contingencies may back out or renegotiate if the appraisal comes in lower than the offer.
- Sale of Another Property (Hubbard Clause): Some buyers need to sell their home before buying yours. This can delay the process and introduce more risk.
Other Personal Preferences
- Non-financial aspects: Sometimes, sellers have personal preferences, such as selling to a family or someone who will preserve the character of the home.
- Relocation Assistance: Some buyers might offer assistance with moving costs, a tempting incentive depending on your situation.
Evaluating these factors in the context of your priorities and financial goals will help you determine which offer is truly the best. Consulting with our real estate agents can also provide valuable insights into the strengths and weaknesses of each offer.
Contact us and we will be happy to answer any questions you have.