In a perfect world, the house you put up for sale will be sold for the exact amount you ask for with very little fuss. Unfortunately, the world isn’t quite perfect. Not only can it take a while to receive an offer, but you may not get an offer for the price you’ve set. On the other hand, you may get several offers, all of which you’re happy with – especially if you’re in a seller’s market. Whatever the case may be, the following are a few things to consider when selling a home and you receive an offer:
- The need to sell – How quickly do you need to sell? If you’re not under a strict deadline, then you have more flexibility to negotiate or wait for better offers.
- Length on the market – If your house has been on the market for more than a month – or longer – before receiving your first offer, then the valuation of your home’s cost may not be realistic.
- Look for contingencies that favor the buyer – Even if the offer looks solid, check the contingencies. If you’ve gotten several offers, this becomes even more important. Some contingencies are normal, such as home inspection and property appraisal contingencies. But beware of offers contingent on the buyer selling their home first.
- Look for contingencies that favor you – Don’t judge an offer by its price alone. One buyer might make a lower offer than another but offer contingencies that favor you. For example, maybe they’ll waive certain contingencies that make it easier to sell faster.
- Be open to negotiating – One of the biggest downfalls of sellers is that they become too emotionally attached to their homes and aren’t willing to negotiate. Don’t just outright reject buyers because their offers don’t meet your asking price. Be open to negotiation, especially if every offer you’re receiving is below what you’re asking for.
Keep these things in mind when you receive an offer for your house. For more tips on selling a home, be sure to contact us at Randy Lindsay today.