If you haven’t sold a home before, something you may not know is that there are a number of elements that go into a real estate offer. Yes, the price is a large element of any offer, but there are other things for sellers to consider when choosing which offer to accept.
If the same five offers were presented to four different people, it’s not guaranteed that the same offer would be the most appealing to everyone.
Depending on the seller’s motivations, goals and urgency, certain elements of an offer may hold more weight than others. For example, some factors, such as financing, could eventually become a barrier to closing the sale, and therefore might be something a seller wants to seriously consider before accepting an offer.
So what else should sellers be looking at in an offer? Here’s a quick breakdown.
What Sellers Should Look For in an Offer: 4 Factors Other Than Money To Consider
Source: realtor.com
1. Research your preferred financing method
As a seller, you probably have an offer amount in mind that you would like the buyer to meet or exceed. But remember, a buyer needs to prove that he can afford to make the purchase—no matter what numbers are thrown around in an offer.
2. Look for a larger earnest money deposit
Next, you may want to pick an offer with a sizable earnest money deposit, also known as a good-faith deposit. This is a sum of money that a buyer entrusts to the seller’s brokerage firm to prove that he is serious about purchasing the home.
3. Consider fewer contingencies
In real estate, contingencies are benchmarks buyers set that need to be met for the transaction to continue moving forward. For example, many buyers will want to include an inspection contingency in the purchase contract. This means the buyer will need time to have your home inspected. And if any issues are found, a buyer might ask you to make repairs before he will close on the home.
4. Opt for an ideal closing timeline
Finally, consider your optimal timeline for heading to the settlement table. Moving out is a lot of work, especially if you’ve lived in the home you’re selling for a while. To that end, you’re going to want to ensure that you choose an offer with a closing date that suits your needs.
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