You just got an offer on your home. Now What? How do you know if you should accept that offer or hold out for more money? There are several things to consider once you receive an offer on your home but don't let that turn into undue stress. Here are some questions to ask yourself that will help you decide if you should accept that offer you just received or not.
1. Relax, take a deep breath and don't let your emotions get in the way of making the right decision.
2. Is the buyer pre-qualified or pre-approved? You may want to request a copy of the pre-approval letter before making your decision. You don't want to take your home off the market only to find out later that there was never any way that buyer would have ever qualified to make that purchase. You have then just wasted precious time and possibly lost a "qualified" buyer.
3. How quickly do you have to move? If you have an urgent situation where you have to move quickly, such as a job change or perhaps a foreclosure, you may want to consider an offer that is less than what you were expecting. Remember, something is better than nothing or even worse - a total loss such as in a foreclosure. Take the offer, make the deal, get it done and move on with your life.
4. How much do you still owe on your home? Everyone wants to make a profit on their home. When you are making your decision about whether or not to accept that offer, remember that you will also incur closing costs so make sure you take that into consideration as well.
5. Is your home underwater - do you owe more than it is worth? If this is the case, then this may not be the right time to sell. You can consult with your real estate agent to see what options may be available to you.
6. Have you tested the waters? How long has your home been on the market? How many people have actually viewed your home and what type of feedback have you gotten? How many offers have you received? If your home has been on the market for a while and you have not gotten many offers, you may want to consider lowering the price; but be sure to consider the market value in your area and the condition of your home first. Your agent can help you determine the right thing to do here.
7. Ask yourself - "Is This A Reasonable Offer?". Many buyers will attempt to lowball you because they know that it is a strong buyers market. Perhaps they know that your home has been on the market for a while. Don't let them get the better of you. Think about the offer at hand and determine if it is "reasonable" or not. You have to consider your situation - are you in a rush to sell or do you have time to sit back and wait for that perfect offer? Remember, you can always counteroffer and have your agent work the deal to its fullest potential.
The bottom line is you must accept an offer that will work for you and the buyer. You can negotiate to make the deal work in your favor. Let them know that you will accept a lower offer in exchange for a faster closing date. There are many ways to negotiate the "deal" to get it done. Your agent is an expert at this and can be your best resource for getting you top dollar for your home!
Thanks for Reading & Happy Holidays!
The Inman Team
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