In a perfect world, you would list your home and instantly have a parade of buyers – each one making a higher offer than the last. Unfortunately, in most markets this scenario simply doesn’t play out. So how do you know which offer to accept? Here are a few things to consider when evaluating an offer:
- How close is the offer to your asking price?
- Does the offer offset the sales price with discounts, concessions or transfer of closing costs?
- What kind of ongoing costs will be incurred if you don’t accept the offer? i.e. mortgage payments, maintenance, insurance, etc.
- Do you have time to wait for more offers?
- What if no other offers come in?
- What if several offers come in? Do you choose the highest offer from the buyer with questionable financing, or go with a lower offer from a buyer who has been pre-approved for a loan?
- Should you make a counter-offer?
- How much should you be willing to negotiate?
Evaluating offers can be a tricky process. Having a proven Realtor at your side – one who knows your local market and knows what caveats to look for in an offer – can make all the difference between a successful or painful real estate transaction. Joe Craine has more than 25 years of negotiating experience and is known for his integrity and knowledge of real estate contracts. Contact him – you’ll be glad to have him on your side.