Things To Consider Before Accepting An Offer

Often a seller will want to sell their home quickly, but it's important to realize there are many variables to consider when accepting an offer from a potential buyer. Here are a list of 5 very important considerations:

How Does The Buyer Intend To Pay For The Property?

If the buyer is paying cash, this can often be the most secure offer to take. Is the buyer relying on a mortgage with only 5% or less down? This type of offer has the most roadblocks to overcome. A general rule of thumb is the more money a buyer can put down, the better the offer.

Is The Buyer Preapproved For A Mortgage?

If this is the case, you can feel secure in the knowledge that a mortgage lender has authorized the buying party to shop within a certain price range. This is based on the income the buyer has reported to the mortgage broker or company, which sometimes can fluctuate or be exaggerated. These things can come out once the sale is completed, which can cause headaches.

Is The Party Buying The Home Going To Occupy The Property Or Rent It Out?

You might ask why would this affect the offer. But depending on the rules of the mortgage, the buyer might be required to fulfill certain obligations.

It's Important To Understand All The Contingencies or Conditions Of The Sale

If you don't fully understand the conditions of the purchase, you may fail and have to find a new buyer. The most common condition of a sale in a home inspection, which often uncovers items you wish to hide or some you may not even have been aware of. When purchasing a condo, there is also the financial assessment of the condo association to be aware of.

Make Sure To Look Over All Documentation With A Fine Toothed Comb

Sometimes an experienced buyer will attempt to put clauses in the contract that aren't to your advantage as the seller. This is the largest reason having the professional representation of a REALTOR® is very important.

It's always important to cover all your bases when selling a property, so never be afraid to ask questions. The goal is always to make sure your home is sold in a smooth, error free transaction.