When it comes to selling your house, everyone hopes they’ll receive an offer they simply can’t refuse. However, the reality for most sellers is that the process requires a bit more negotiating. As a seller, you may receive some offers that just don’t meet your requirements, but there may be other offers that you can eventually accept with a bit more negotiation.
So how do you choose the best offer?
Start by making a list of your priorities. Outline what is most important for you. For example, if you have a minimum price, be clear on what it is. Knowing what matters most to you will help you sift through offers that may be negotiable. Be sure you understand the offer process. Discuss it in detail with your agent before you look at any offers. When you receive an offer, you have three options. You can accept, reject, or counteroffer. A counteroffer is the response you give to an offer asking for modifications.
Sit down with your agent and review multiple offers (if you receive multiple). This is where your list of priorities will come in handy. Evaluate all terms of your offers and remember there is more to an offer than price. For example, has the buyer asked for anything to be thrown in, such as appliances or furniture?
It’s also important to consider the buyer’s funding. If a buyer does not have appropriate funding in place, the process could take longer or not work out at all. For example, if the buyer wants to pay cash, be sure they have the funds ready to be transferred to you. If the buyer is preapproved, remember that it is not a guarantee. Review the preapproval letter and compare it to the offer price. The amount of the buyer’s down payment can also make a difference in terms of loan approval.
Last, ensure that the time frame works for you. Is the closing date too early or too late? Select an offer that works with your time frame and needs. Choosing the right offer can be a tough decision. Choose an agent you trust to help you get the best deal possible.