Offers When Selling a Home
This is the day that you have been waiting for while your home has been on the market. We now have an offer to discuss. First, let me say, "Congratulations!" It is good to take a minute to celebrate your good news. We know there are so many questions about the process and we have the answers. As your real estate agents, we know if you have quality information, you will be more comfortable with the process.
Questions to Ask About An Offer
The first question we get from sellers is what is the price. While the price is important, terms are equally important to consider. Here are a few terms to review and possibly negotiate. You will want to ask the specifics on the following items for each offer.
- Closing date
- Is the buyer financing or paying cash
- Inspections and repairs
- Is the buyer asking for seller's concessions
- What items are they asking to have included
Responses to an Offer
Remember: any changes are made to the offer, it becomes a counter. Any time that you counter, the buyer has the choice to accept or walk away from the deal. Therefore, you need to think carefully before you make changes, as it could cause you to lose the buyer. Let's walk through when it make sense to accept, reject or counter.
- Accepting the offer (this one is easy). If the price and terms are acceptable, then all we need to do is sign the offer making it executed.
- Rejecting the offer (this is also pretty easy). Rejecting the offer makes sense if there is a term that does not work with your needs and wants; therefore is a deal breaker. A low offer is usually not a good reason to reject the offer.
- Countering the offer. This is a good option if there a terms that need to be adjusted. You might need to change the offer price, closing date, or other important terms. Understanding what is important to the other party allows us to structure a deal that works for all parties.
Other key points to be aware of when you have an offer:
We will take a look at the numbers that you will be receiving at the closing table. This is really what matters. As a part of the offer review, we will review a net sheet with you. A net sheet is a good estimate. It will include the closing costs, any seller concessions; as well as real estate taxes. A side note, your tax bill and interest are paid in arrears on your mortgage. This is important to remember in the event that you are close to the break-even mark.
In the real estate market today, 40% of all contracts are falling apart. Why? There are more obstacles and challenges compared to the last seller's market. The good news is that Treu Group deals have a greater chance of getting to the closing table. One of the reasons that deals fall apart is due to issues with buyer financing. Here are a few items that we take a look at: Are they pre-approved or pre-qualified? What we want is a pre-approval. Pre-approval is the highest qualification a buyer can receive before purchasing, aside from cash. A quality lender will gather information about the buyer including: tax returns, credit and income verification, etc. As your Palm Beach County and Martin County Real Estate agents, we know how to increase the chances of getting an executed contract to closing.
While we have an offer, we are still actively marketing and promoting as well as showing the home until we have an executed contract. What is better than an offer on your Palm Beach County or Martin County home? That is easy...multiple offers.
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Listing information last updated on March 25th, 2017 at 5:21am EDT.