One vital thing to remember is that the highest offer is not always the best one. A potential buyer could go high but might also need a bank loan which may or may not be approved. This can cost you a lot of time, and you might lose solid offers along the way. Most probably, your best bet will be a cash offer. It may not be the highest one, but you will know that it is reliable and that you will not have to wait for it. Before you make your final decision, take into account a few more key points.
Contingencies
One of the crucial points to keep in mind is that the most attractive offer may not have only to do with money. There are many things that a buyer might include to sweeten the deal. They might turn to contingencies to negotiate and get a better deal for themselves or persuade you to choose them as a buyer. Contingencies may be:
- An appraisal contingency, which can come from the bank and ultimately request a lower price from the seller. If the buyer wants to make a quick deal, they might waver this contingency to make their offer more attractive to the seller.
- An inspection contingency, which is quite common for buyers. This is a way to uncover some hidden damages and problems that may end up being costly for the buyer. It is also a solid tactic for the buyer to negotiate a price. A great way to prepare for the appraisal is to be forthcoming about any larger issues with the property and fully disclose them to likely buyers.
Informing your buyers of existing damages could save you time and money.
- A financing contingency, which is a tricky one for the seller. It allows the buyer to withdraw the offer if their mortgage request falls through. Before getting into an agreement with a buyer, make sure that they are pre-approved by the lender instead of pre-qualified. Missing this key element can cause you to lose time and better offers.
Do You Need to Make a Quick Sale?
You might need to relocate quickly for work, financial reasons, or you want to make an offer on a new property fast. If you are in a hurry for whatever reason, you might have to say goodbye to that high offer that you had envisioned. Either way, this should not be your priority at this point. Choose an offer that is most likely to reach your bank account fast. If your potential buyer is part of a complex chain, your sale may experience unwanted delays. You might experience something similar with a bidder that is awaiting a mortgage offer. So if you are in a time crunch, choose an offer that is not necessarily the highest but the quickest one. You might also consider some home maintenance for a quick sale if you are looking to improve your chances with the buyers.
Are You Willing to Wait?
If you are not in a rush and want to take your time with the offers, your options will be much more diverse. You will be able to pick and choose and play around with negotiating. As exciting as this may seem, you also wouldn’t want to get carried away and wait for that unreachable high number that may never come. Go over the best strategies with your real estate agent. They will give you a good idea of what is realistic for your home. And even if you are willing to wait, your best offer might come sooner than you think.
Not being in a rush has its advantages but don’t wait too long either.
Ask Your Real Estate Agent for Advice on the Best Offer When Selling Your Home
Your real estate agent will be able to give you useful advice on deal killers for home buyers and what the best way is to deal with your particular situation. Along with an abundance of experience to offer, they can check information about prospective buyers that you might not be able to. Your real estate agent can confirm:
● Whether or not the buyer is a cash buyer.
● If the buyer is in a rush.
● If the buyer is not paying cash, they can request a proof-of-funds letter from the bank.
That being said, your real estate agent also profits from your sale, so make sure that they do not rush you unreasonably. They can advise you on whether or not to wait too long based on their experience, but do not feel pressured into making a decision too quickly.
Plan Your Interstate Relocation on Time
Once you have made that great deal and sold your home, you will need some help moving. Your friends and family can jump in and be there for you as much as possible. If it becomes too much or you just do not want the hassle, consider hiring a moving company. They can be of great help relocating from the state and give you guidance with everything you need, especially if you are moving cross country from Colorado. Depending on the distance to your new home and how much you are transporting, it can be very helpful to have someone experienced to deal with that while you relax and rest your mind and body for a minute.
If you are relocating from Colorado, hiring movers is a great idea.
Making a final decision on your home sale is no small feat Deciding on the best offer when selling your home is in no way easy. For many homeowners, this will not just be a simple transaction. You may have invested years and a lot of money into your home, and you want to make sure that you make the best decision for yourself and your family. Whether you are in a rush or taking your sweet time, ensure that you get expert advice before ripping the band-aid off.
